3M 2009 Annual Report Download - page 90
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84
The accumulated benefit obligation of the U.S. pension plans was $10.769 billion and $9.844 billion at December 31,
2009 and 2008, respectively. The accumulated benefit obligation of the international pension plans was $4.279 billion
and $3.681 billion at December 2009 and 2008, respectively.
The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of
December 31:
Qualified and Non-qualified Pension Plans
United States International
(Millions) 2009 2008 2009 2008
Projected benefit obligation........................
$ 454 $ 10,395 $ 3,322 $ 3,562
Accumulated benefit obligation ..................
448 9,844 3,126 3,293
Fair value of plan assets ............................
23 9,243 2,526 2,529
Components of net periodic benefit cost and other supplemental information for the years ended December 31
follow:
Components of net periodic benefit cost and other amounts recognized in other comprehensive income
Qualified and Non-qualified
Pension Benefits Postretirement
United States International Benefits
(Millions) 2009 2008 2007 2009 2008 2007 2009 2008 2007
Net periodic benefit cost
Service cost ............................ $ 183 $ 192 $ 192 $98
$ 120 $ 125 $ 51 $ 53 $ 57
Interest cost ............................ 619 597 568 235 252 228 97 100 104
Expected return on plan
assets.................................. (906) (889) (840) (260) (305) (290) (86) (104) (107)
Amortization of transition
(asset) obligation................. —
—
—
3
3 3
—
— —
Amortization of prior service
cost (benefit) ....................... 16 15 14 (4) (2) (2) (81) (97) (72)
Amortization of net actuarial
(gain) loss............................ 99 58 126 42 38 55 66 64 74
Net periodic benefit cost............. $ 11 $ (27) $ 60 $ 114 $ 106 $ 119 $ 47 $ 16 $ 56
Settlements, curtailments,
special termination benefits
and other................................. 26 7 7 25 3 4
—
— 9
Net periodic benefit cost after
settlements, curtailments,
special termination benefits
and other................................. $ 37 $ (20) $ 67 $ 139 $ 109 $ 123 $ 47 $ 16 $ 65
The estimated amortization from accumulated other comprehensive income into net periodic benefit cost in 2009
follows:
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit
costs over next fiscal year
Qualified and Non-qualified
Pension Benefits
(Millions)
United
States International
Postretirement
Benefits
Amortization of transition (asset) obligation ................................... $ — $ 1 $ —
Amortization of prior service cost (benefit)..................................... 13 (3) (94)
Amortization of net actuarial (gain) loss ......................................... 221 85 86
Total amortization expected over the next fiscal year.................... $ 234 $ 83 $ (8)