Alcoa 2010 Annual Report Download - page 142
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Pension Plan Benefit Obligations
Pension benefits
2010 2009
The projected benefit obligation and accumulated benefit obligation for all defined benefit
pension plans was as follows:
Projected benefit obligation $12,343 $11,638
Accumulated benefit obligation 11,999 11,332
The aggregate projected benefit obligation and fair value of plan assets for pension plans
with projected benefit obligations in excess of plan assets was as follows:
Projected benefit obligation 11,531 10,797
Fair value of plan assets 8,518 7,626
The aggregate accumulated benefit obligation and fair value of plan assets for pension plans
with accumulated benefit obligations in excess of plan assets was as follows:
Accumulated benefit obligation 11,167 10,083
Fair value of plan assets 8,454 7,181
Components of Net Periodic Benefit Cost
Pension benefits(1) Other postretirement benefits(2)
2010 2009 2008 2010 2009 2008
Service cost $ 148 $ 139 $ 166 $ 20 $ 21 $ 24
Interest cost 682 682 678 174 184 193
Expected return on plan assets (787) (758) (805) (7) (11) (18)
Amortization of prior service cost (benefit) 17 16 18 (15) (11) (11)
Recognized net actuarial loss 181 111 99 33 41 44
Settlements(3) 21420 (3) - -
Curtailments(4) (10) 3 2 - (1) 9
Net periodic benefit cost(5) $ 233 $ 207 $ 178 $202 $223 $241
(1) In 2010, 2009, and 2008, net periodic benefit cost for U.S pension plans was $155, $135, and $110, respectively.
(2) In 2010, 2009, and 2008, net periodic benefit cost for other postretirement benefits reflects a reduction of $39, $42,
and $42, respectively, related to the recognition of the federal subsidy awarded under Medicare Part D.
(3) In all periods presented, settlements were due to the payment of significant lump sum benefits. In 2008, settlements
also relate to the sale of the Packaging and Consumer businesses (see Note F).
(4) In each period presented, curtailments were due to elimination of benefits, workforce reductions (see Note D), and/or
divestitures of the EES (see Note F) and Packaging and Consumer businesses.
(5) Amounts attributed to joint venture partners are not included.
Amounts Expected to be Recognized in Net Periodic Benefit Cost
Pension benefits Other postretirement benefits
2011 2011
Prior service cost (benefit) recognition $ 17 $(17)
Net actuarial loss recognition 244 33
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