Occidental Petroleum 2006 Annual Report Download - page 76
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Obligations and Funded Status
Occidental uses a measurement date of December 31 for all defined benefit pension and postretirement benefit plans.
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with an
accumulated benefit obligation in excess of plan assets were $96 million, $90 million and $0, respectively, as of December 31, 2006, and $94
million, $91 million and $4 million, respectively, as of December 31, 2005. The projected benefit obligation, accumulated benefit obligation and fair
value of plan assets for defined benefit pension plans with plan assets in excess of the accumulated benefit obligation were $427 million, $404
million and $556 million, respectively, as of December 31, 2006, and $398 million, $377 million, and $420 million, respectively, as of December
31, 2005.
Occidental has 401(h) accounts established within certain defined benefit pension plans. These plans allow Occidental to fund postretirement
medical benefits for employees at two of its operations. Contributions to these 401(h) accounts are made at Occidental's discretion. All of
Occidental's other postretirement benefit plans are unfunded.
Amounts recognized in the consolidated balance sheets consist of:
65