Archer Daniels Midland 2007 Annual Report Download - page 72

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64
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 13. Employee Benefit Plans (Continued)
The Company uses a March 31 measurement date for substantially all defined benefit plans. The following
tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets:
Pension Benefits
Postretirement
Benefits
2007 2006 2007 2006
(In millions) (In millions)
Benefit obligation, beginning $ 1,707 $1,599 $ 165 $ 151
Service cost 62 59 76
Interest cost 94 87 10 9
Actuarial loss (gain) 65 (9) 24 4
Curtailment (1) 10 ––
Employee contributions 42 21
Benefits paid (77) (62) (7) (7)
Plan amendments 316 – –
Acquisitions and divestitures 15 (26) 7 –
Foreign currency effects 44 31 – 1
Benefit obligation, ending $ 1,916 $1,707 $ 208 $ 165
Fair value of plan assets, beginning $ 1,468 $1,068 $ – $ –
Actual return on plan assets 118 169 ––
Employer contributions 50 286 5 5
Employee contributions 42 2 1
Benefits paid (77) (62) (7) (6)
Acquisitions and divestitures 14 (18) – –
Foreign currency effects 34 23 – –
Fair value of plan assets, ending $ 1,611 $1,468 $ – $ –
Funded status $ (305) $ (239) $ (208) $ (165)
Unamortized transition amount –3 ––
Unrecognized net loss –299 –24
Unrecognized prior service costs (credits) –44 –(10)
Adjustment for fourth quarter contributions 56 ––
Pension asset (liability) recognized in the balance sheet $ (300) $ 113 $ (208) $ (151)
Prior to adoption of funded status provision of SFAS No. 158
Prepaid benefit cost $ –$ 255 $ – $ –
Accrued benefit liability – current –(31) – –
Accrued benefit liability - long-term –(160) – (151)
Intangible asset –4 – –
Accumulated other comprehensive income –45 – –
Net amount recognized in the balance sheet $ – $ 113 $ – $ (151)
After the adoption of funded status provision of SFAS No. 158
Prepaid benefit cost $ 22 $ – $ – $ –
Accrued benefit liability – current (9) – (7) –
Accrued benefit liability – long-term (313) – (201) –
Net amount recognized in the balance sheet $ (300) $ – $ (208) $ –