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91Xerox 2012 Annual Report
Benefit plans pre-tax amounts recognized in AOCL at December 31:
Pension Benefits
U.S. Plans Non-U.S. Plans Retiree Health
2012 2011 2012 2011 2012 2011
Net actuarial loss $ 1,255 $ 963 $ 2,013 $ 1,589 $ 97 $ 70
Prior service (credit) cost (17) (38) – 1 (128) (163)
Total Pre-tax Loss (Gain) $ 1,238 $ 925 $ 2,013 $ 1,590 $ (31) $ (93)
Accumulated Benefit Obligation $ 5,027 $ 4,617 $ 6,359 $ 5,517
Aggregate information for pension plans with an Accumulated benefit obligation in excess of plan assets is presented below:
December 31, 2012
Underfunded Plans Unfunded Plans Total
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Total
Projected benefit obligation $ 4,679 $ 5,997 $ 355 $ 527 $ 5,034 $ 6,524 $ 11,558
Accumulated benefit obligation 4,672 5,686 355 520 5,027 6,206 11,233
Fair value of plan assets 3,574 5,213 – – 3,574 5,213 8,787
December 31, 2011
Underfunded Plans Unfunded Plans Total
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Total
Projected benefit obligation $ 4,342 $ 4,391 $ 327 $ 445 $ 4,669 $ 4,836 $ 9,505
Accumulated benefit obligation 4,291 4,127 326 434 4,617 4,561 9,178
Fair value of plan assets 3,393 3,811 – – 3,393 3,811 7,204
Our pension plan assets and benefit obligations at December 31, 2012
were as follows:
Fair Value
of Pension Pension Benefit Net Funded
(in billions) Plan Assets Obligations Status
U.S. funded $ 3.6 $ 4.6 $ (1.0)
U.S. unfunded – 0.4 (0.4)
Total U.S. $ 3.6 $ 5.0 $ (1.4)
U.K. 3.4 3.7 (0.3)
Canada 0.7 1.0 (0.3)
Other funded 1.3 1.5 (0.2)
Other unfunded – 0.5 (0.5)
Total $ 9.0 $ 11.7 $ (2.7)
Most of our defined benefit pension plans generally provide employees
a benefit, depending on eligibility, calculated under a highest average
pay and years of service formula. Our primary domestic defined
benefit pension plans provide a benefit at the greater of (i) the highest
average pay and years of service formula, (ii) the benefit calculated
under a formula that provides for the accumulation of salary and
interest credits during an employee’s work life or (iii) the individual
account balance from the Company’s prior defined contribution plan
(Transitional Retirement Account or TRA).