3M 2012 Annual Report Download - page 86
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80
Qualified and Non-qualified
Pension Benefits
Postretirement
United States
International
Benefits
(Millions)
2012
2011
2012
2011
2012
2011
Amounts recognized in the
Consolidated Balance Sheet as of
Dec. 31,
Non-current assets
$
―
$
―
$
16
$
40
$
―
$
―
Accrued benefit cost
Current liabilities
(43)
(41)
(8)
(8)
(4)
(4)
Non-current liabilities
(1,006)
(2,356)
(1,200)
(721)
(880)
(895)
Ending balance
$
(1,049)
$
(2,397)
$
(1,192)
$
(689)
$
(884)
$
(899)
Amounts recognized in accumulated
other comprehensive income as of
Dec. 31,
Net transition obligation (asset)
$
―
$
―
$
(5)
$
(8)
$
―
$
―
Net actuarial loss (gain)
4,679
5,623
2,458
1,858
1,028
1,171
Prior service cost (credit)
24
30
(150)
(167)
(197)
(269)
Ending balance
$
4,703
$
5,653
$
2,303
$
1,683
$
831
$
902
The balance of amounts recognized for international plans in accumulated other comprehensive income as of
December 31 in the preceding table are presented based on the foreign currency exchange rate on that date.
The pension accumulated benefit obligation represents the actuarial present value of benefits based on employee service
and compensation as of the measurement date and does not include an assumption about future compensation levels.
The accumulated benefit obligation of the U.S. pension plans was $14.127 billion and $13.804 billion at December 31,
2012 and 2011, respectively. The accumulated benefit obligation of the international pension plans was $5.942 billion and
$4.889 billion at December 31, 2012 and 2011, respectively.
The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of
December 31:
Qualified and Non-qualified Pension Plans
United States
International
(Millions)
2012
2011
2012
2011
Projected benefit obligation
$
505
$
14,499
$
5,122
$
2,983
Accumulated benefit obligation
492
13,804
4,808
2,740
Fair value of plan assets
8
12,102
4,038
2,321