Halliburton 2011 Annual Report Download - page 128
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113
Note 13. Retirement Plans
Our company and subsidiaries have various plans that cover a significant number of our
employees. These plans include defined contribution plans, defined benefit plans, and other postretirement
plans:
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our defined contribution plans provide retirement benefits in return for services rendered. These
plans provide an individual account for each participant and have terms that specify how
contributions to the participant’ s account are to be determined rather than the amount of pension
benefits the participant is to receive. Contributions to these plans are based on pretax income
and/or discretionary amounts determined on an annual basis. Our expense for the defined
contribution plans for continuing operations totaled $245 million in 2011, $196 million in 2010,
and $186 million in 2009;
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our defined benefit plans, which include both funded and unfunded pension plans, define an
amount of pension benefit to be provided, usually as a function of age, years of service, and/or
compensation. The unfunded obligations and net periodic benefit cost of our United States
defined benefit plans were not material for the periods presented; and
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our postretirement medical plans are offered to specific eligible employees. The accumulated
benefit obligations and net periodic benefit cost for these plans were not material for the periods
presented.
Funded status
For our international pension plans at December 31, 2011, the projected benefit obligation was
$928 million and the fair value of plan assets was $705 million, which resulted in an unfunded obligation of
$223 million. At December 31, 2010, the projected benefit obligation was $908 million and the fair value
of plan assets was $691 million, which resulted in an unfunded obligation of $217 million. The
accumulated benefit obligation for our international plans was $868 million at December 31, 2011 and
$829 million at December 31, 2010.
The following table presents additional information about our international pension plans.
Millions of dollars 2011 2010
Amounts recognized on the Consolidated Balance Sheets
Accrued employee compensation and benefits $ 10 $ 15
Employee compensation and benefits 213 202
Pension plans in which projected benefit
obligation exceeded plan assets at December 31
Projected benefit obligation $ 928 $ 902
Fair value of plan assets 705 685
Pension plans in which accumulated benefit
obligation exceeded plan assets at December 31
Accumulated benefit obligation $ 784 $ 764
Fair value of plan assets 621 614