Alcoa 2012 Annual Report Download - page 152
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Pension Plan Benefit Obligations
Pension benefits
2012 2011
The projected benefit obligation and accumulated benefit obligation for all defined benefit
pension plans was as follows:
Projected benefit obligation $14,751 $13,526
Accumulated benefit obligation 14,186 13,025
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 13,973 12,828
Fair value of plan assets 10,142 9,470
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 13,421 12,184
Fair value of plan assets 10,123 9,281
Components of Net Periodic Benefit Cost
Pension benefits(1) Other postretirement benefits(2)
2012 2011 2010 2012 2011 2010
Service cost $ 186 $ 165 $ 148 $ 14 $ 17 $ 20
Interest cost 639 678 682 131 158 174
Expected return on plan assets (808) (806) (787) - (2) (7)
Recognized net actuarial loss 384 247 181 25 26 33
Amortization of prior service cost (benefit) 19 19 17 (16) (17) (15)
Settlements(3) - 2 2 - - (3)
Curtailments(4) - (9) (10) - - -
Net periodic benefit cost(5) $ 420 $ 296 $ 233 $154 $182 $202
(1) In 2012, 2011, and 2010, net periodic benefit cost for U.S pension plans was $288, $190, and $155, respectively.
(2) In 2012, 2011, and 2010, net periodic benefit cost for other postretirement benefits reflects a reduction of $64, $43, and
$39, 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 and/or purchases of
annuity contracts.
(4) In each period presented, curtailments were due to elimination of benefits or workforce reductions (see Note D).
(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
2013 2013
Net actuarial loss recognition $494 $ 36
Prior service cost (benefit) recognition 19 (18)
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