Archer Daniels Midland 2010 Annual Report Download - page 77

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73
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 14.
Employee Benefit Plans (Continued)
The Company uses a June 30 measurement date for 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
2010
2009
2010
2009
(In millions)
(In millions)
Benefit obligation, beginning
$ 2,012
$ 1,851
$ 256
$ 206
Service cost
58
52
9
7
Interest cost
119
111
16
13
Actuarial loss (gain)
271
160
(51)
48
Employee contributions
2
2
–
–
Settlements
–
(15)
–
(8)
Curtailments
(3)
–
–
–
Business Combinations
2
–
–
–
Plan measurement date adjustment
–
39
–
6
Benefits paid
(86)
(94)
(6)
(8)
Plan amendments
–
(2)
–
(8)
Foreign currency effects
(76)
(92)
–
–
Benefit obligation, ending
$ 2,299
$ 2,012
$ 224
$ 256
Fair value of plan assets, beginning
$ 1,427
$ 1,662
$ –
$ –
Actual return on plan assets
182
(283)
–
–
Employer contributions
249
217
6
8
Employee contributions
2
2
–
–
Settlements
–
(15)
–
–
Business Combinations
2
–
–
–
Plan measurement date adjustment
–
27
–
–
Benefits paid
(86)
(94)
(6)
(8)
Foreign currency effects
(55)
(89)
–
–
Fair value of plan assets, ending
$ 1,721
$ 1,427
$ –
$ –
Funded status
(578)
$ (585)
(224)
$ (256)
Prepaid benefit cost
$ 17
$ 17
$ –
–
Accrued benefit liability – current
(13)
(13)
(7)
(8)
Accrued benefit liability – long-term
(582)
(589)
(217)
(248)
Net amount recognized in the balance sheet
$ (578)
$ (585)
$ (224)
$ (256)