Cemex 2012 Annual Report Download - page 92

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Notes to the
consolidated
financial
statements
92
< previous I contents I next >
18) Pensions and postretirement employee benets
Defined contribution pension plans
The costs of defined contribution plans for the years ended December 31, 2012, 2011 and 2010 were approximately $528, $357
and $550, respectively. CEMEX contributes periodically the amounts offered by the pension plan to the employee’s individual
accounts, not retaining any remaining liability as of the balance sheet date.
Defined benefit pension plans
Actuarial results related to pension and other postretirement benefits are recognized in the results and/or in other comprehensive
income (loss) for the period in which they are generated, as applicable. For the years ended December 31, 2012, 2011 and 2010,
the effects of pension plans and other postretirement benefits are summarized as follows:
Pensions Other benets Total
Net period cost (revenue): 2012 2011 2010 2012 2011 2010 2012 2011 2010
Recorded in operating costs and expenses
Service cost $ 138 330 273 59 63 52 197 393 325
Past service cost (1,454) (510) (2) (21) (40) (6) (1,475) (550) (8)
Loss (gain) for settlements and curtailments (513) (254) (11) (18) (95) – (531) (349) (11)
(1,829) (434) 260 20 (72) 46 (1,809) (506) 306
Recorded in other financial income (expenses), net
Interest cost 1,712 1,792 1,826 93 100 99 1,805 1,892 1,925
Actuarial return on plan assets (1,201) (1,328) (1,314) (2) (2) (3) (1,203) (1,330) (1,317)
511 464 512 91 98 96 602 562 608
Recorded in other comprehensive income for the period
Actuarial (gains) losses for the period 843 1,123 1,097 97 (81) 95 940 1,042 1,192
$ (475) 1,153 1,869 208 (55) 237 (267) 1,098 2,106
The reconciliations of the actuarial benefits obligations, pension plan assets, and liabilities recognized in the balance sheet as of
December 31, 2012 and 2011 are presented as follows:
Pensions Other benets Total
2012 2011 2012 2011 2012 2011
Change in benefits obligation:
Projected benefit obligation at beginning of year $ 35,716 32,431 1,631 1,653 37,347 34,084
Service cost 138 330 59 63 197 393
Interest cost 1,712 1,792 93 100 1,805 1,892
Actuarial results 1,201 796 99 (86) 1,300 710
Employee contributions 11 55 – – 11 55
Foreign currency translation (1,525) 3,584 (60) 112 (1,585) 3,696
Settlements and curtailments (2,209) (1,447) (18) (140) (2,227) (1,587)
Benefits paid (1,604) (1,825) (75) (71) (1,679) (1,896)
Projected benefit obligation at end of year 33,440 35,716 1,729 1,631 35,169 37,347
Change in plan assets:
Fair value of plan assets at beginning of year 22,031 20,388 21 23 22,052 20,411
Return on plan assets 1,558 1,001 2 (2) 1,560 999
Foreign currency translation (995) 2,409 – – (995) 2,409
Employer contributions 933 677 75 71 1,008 748
Employee contributions 11 55 – – 11 55
Settlements and curtailments (243) (674) – – (243) (674)
Benefits paid (1,604) (1,825) (75) (71) (1,679) (1,896)
Fair value of plan assets at end of year 21,691 22,031 23 21 21,714 22,052
Amounts recognized in the balance sheets:
Funded status 11,749 13,685 1,706 1,610 13,455 15,295
Unrecognized prior services 3 5 2 25 5 30
Net projected liability recognized in the balance sheet $ 11,752 13,690 1,708 1,635 13,460 15,325