Alcoa 2012 Annual Report Download - page 151
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Obligations and Funded Status
Pension benefits
Other
postretirement benefits
December 31, 2012 2011 2012 2011
Change in benefit obligation
Benefit obligation at beginning of year $13,526 $12,343 $ 2,844 $ 2,902
Service cost 203 183 14 17
Interest cost 647 687 132 159
Amendments 6 40 - (1)
Actuarial losses 1,120 1,163 107 17
Settlements - (32) - -
Curtailments - (7) - -
Benefits paid, net of participants’ contributions (833) (813) (256) (275)
Medicare Part D subsidy receipts - - 21 25
Foreign currency translation impact 82 (38) 1 -
Benefit obligation at end of year* $14,751 $13,526 $ 2,863 $ 2,844
Change in plan assets
Fair value of plan assets at beginning of year $10,311 $ 9,451 $ 8 $ 58
Actual return on plan assets 925 783 - 2
Employer contributions 571 945 - -
Participants’ contributions 32 35 - -
Benefits paid (822) (805) (8) (52)
Administrative expenses (42) (38) - -
Settlements - (34) - -
Foreign currency translation impact 68 (26) - -
Fair value of plan assets at end of year* $11,043 $10,311 $ - $ 8
Funded status* $ (3,708) $ (3,215) $(2,863) $(2,836)
Less: Amounts attributed to joint venture partners (40) (34) (4) (5)
Net funded status $ (3,668) $ (3,181) $(2,859) $(2,831)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets $ 86 $ 109 $ - $ -
Current liabilities (32) (29) (256) (248)
Noncurrent liabilities (3,722) (3,261) (2,603) (2,583)
Net amount recognized $ (3,668) $ (3,181) $(2,859) $(2,831)
Amounts recognized in Accumulated Other Comprehensive Loss
consist of:
Net actuarial loss $ 5,880 $ 5,191 $ 593 $ 511
Prior service cost (benefit) 119 129 (76) (92)
Total, before tax effect 5,999 5,320 517 419
Less: Amounts attributed to joint venture partners 54 46 (1) (1)
Net amount recognized, before tax effect $ 5,945 $ 5,274 $ 518 $ 420
Other Changes in Plan Assets and Benefit Obligations Recognized
in Other Comprehensive Loss consist of:
Net actuarial loss $ 1,073 $ 1,216 $ 107 $ 17
Amortization of accumulated net actuarial loss (384) (246) (25) (26)
Prior service cost (benefit) 9 42 - (1)
Amortization of prior service (cost) benefit (19) (19) 16 17
Total, before tax effect 679 993 98 7
Less: Amounts attributed to joint venture partners 8 10 - (1)
Net amount recognized, before tax effect $ 671 $ 983 $ 98 $ 8
* At December 31, 2012, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were
$11,521, $8,437, and $(3,084), respectively. At December 31, 2011, the benefit obligation, fair value of plan assets, and
funded status for U.S. pension plans were $10,702, $7,988, and $(2,714), respectively.
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