Alcoa 2009 Annual Report Download - page 136
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Obligations and Funded Status
Pension benefits Postretirement benefits
December 31, 2009 2008 2009 2008
Change in benefit obligation
Benefit obligation at beginning of year $10,765 $11,601 $ 3,121 $ 3,260
Service cost 143 185 21 25
Interest cost 690 693 184 193
Amendments 4 11 (1) -
Actuarial losses (gains) 450 (457) (48) (16)
Acquisitions 106 - 26 -
Divestitures (10) (71) - (58)
Settlements (28) (27) - -
Curtailments 2 (2) - 3
Benefits paid, net of participants’ contributions (801) (771) (297) (308)
Medicare Part D subsidy receipts - - 26 29
Other transfers, net - 23 - -
Exchange rate 317 (420) 6 (7)
Benefit obligation at end of year $11,638 $10,765 $ 3,038 $ 3,121
Change in plan assets
Fair value of plan assets at beginning of year $ 7,908 $10,652 $ 162 $ 203
Actual return on plan assets 946 (2,058) 13 (41)
Employer contributions 136 523 - -
Participants’ contributions 28 33 - -
Benefits paid (807) (769) (64) -
Administrative expenses (42) (22) - -
Acquisitions 123 - - -
Divestitures (2) (46) - -
Settlements (31) (27) - -
Other transfers, net - 18 - -
Exchange rate 270 (396) - -
Fair value of plan assets at end of year $ 8,529 $ 7,908 $ 111 $ 162
Funded status $ (3,109) $ (2,857) $(2,927) $(2,959)
Amounts attributed to joint venture partners 16 14 7 9
Net funded status $ (3,093) $ (2,843) $(2,920) $(2,950)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets $ 94 $ 122 $ - $ -
Current liabilities (24) (24) (224) (220)
Noncurrent liabilities (3,163) (2,941) (2,696) (2,730)
Liabilities of operations held for sale - - - -
Net amount recognized $ (3,093) $ (2,843) $(2,920) $(2,950)
Amounts recognized in Accumulated Other Comprehensive Loss consist
of:
Net actuarial loss $ 3,932 $ 3,650 $ 631 $ 724
Prior service cost (benefit) 81 89 (132) (143)
Total, before tax effect 4,013 3,739 499 581
Less: Amounts attributed to joint venture partners 23 13 2 2
Net amount recognized, before tax effect $ 3,990 $ 3,726 $ 497 $ 579
Other Changes in Plan Assets and Benefit Obligations Recognized in
Other Comprehensive (Income) Loss consist of:
Net actuarial loss (gain) $ 393 $ 2,364 $ (52) $ (16)
Amortization of accumulated net actuarial loss (111) (99) (41) (44)
Prior service (benefit) cost 8 (11) - (4)
Amortization of prior service (cost) benefit (16) (18) 11 11
Total, before tax effect 274 2,236 (82) (53)
Less: Amounts attributed to joint venture partners 10 2 - -
Net amount recognized, before tax effect $ 264 $ 2,234 $ (82) $ (53)
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