BP 2006 Annual Report Download - page 188

186
53 US GAAP reconciliation continued
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Prior to
adoption
Effect of
adoption
As
reported
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Intangible assets 12 (12) –
Other receivables 7,022 (7,022) –
Defined benefit pension plan surplus –6,753 6,753
Current liabilities –603 603
Provisions 8,622 (8,622) –
Defined benefit pension plan and other post-retirement benefit plan deficits –8,673 8,673
Deferred tax liabilities 573 (349) 224
BP shareholders’ equity (2,161) (586) (2,747)
Accumulated other comprehensive income 1,022 935 1,957
Taxation 238 349 587
Accumulated other comprehensive income (net of deferred tax) 784 586 1,370
Further information in respect of the group’s defined benefit pension and other post-retirement plans required under US GAAP is set out below.
Analysis of the pension and other post-retirement benefits expense $ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2006 2005 2004
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Defined benefit plans
Service cost – benefits earned during year 829 785 757
Interest cost on projected benefit obligation 1,940 2,022 2,012
Expected return on plan assets (2,140) (2,115) (2,161)
Amortization of transition asset 11 10 9
Recognized net actuarial (gain) loss 934 656 445
Recognized prior service cost 55 79 64
Curtailment and settlement (gains) losses (43) (38) (4)
Special termination benefits 278 49 60
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1,864 1,448 1,182
Defined contribution plans 177 172 162
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2,041 1,620 1,344
Innovene operations –(83) (102)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total pension and other post-retirement benefits expense for continuing operations 2,041 1,537 1,242
The table below shows the amounts included in accumulated other comprehensive income at 31 December 2006 that have not yet been recognized as
components of the pension and other post-retirement benefits expense in the income statement, as adjusted to accord with US GAAP.
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
UK
pension
plans
US
pension
plans
US other
post-
retirement
benefit
plans
Other
plans Total
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net actuarial (gain) loss (1,805) 2,099 514 1,055 1,863
Prior service cost (credit) 398 101 (431) 19 87
Transition obligation (asset) –––77
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1,407) 2,200 83 1,081 1,957
The amounts included in accumulated other comprehensive income at 31 December 2006 which are expected to be recognized as components of the
pension and other post-retirement benefits expense for the year ended 31 December 2007 in the income statement, as adjusted to accord with US
GAAP are shown below.
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
UK
pension
plans
US
pension
plans
US other
post-
retirement
benefit
plans
Other
plans Total
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net actuarial (gain) loss 243 222 47 120 632
Prior service cost (credit) 76 11 (54) 3 36
Transition obligation (asset) –––––
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
319 233 (7) 123 668