3M 2010 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2010 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

78
Qualified
and Non-qualified
Pension Benefits
Postretirement
United States
International
Benefits
(Millions)
2010
2009
2010
2009
2010
2009
Amounts recognized in the Consolidated
Balance Sheet as of Dec. 31,
Non-current assets ...........................................
$
—
$
—
$
74
$
78
$
—
$
—
Accrued benefit cost .........................................
Current liabilities ............................................
(30
)
(30
)
(7
)
(7
)
(4
)
(4
)
Non-current liabilities ....................................
(714
)
(868
)
(624
)
(859
)
(675
)
(500
)
Ending balance .................................................
$
(744
)
$
(898
)
$
(557
)
$
(788
)
$
(679
)
$
(504
)
Amounts recognized in accumulated other
comprehensive income as of Dec. 31,
Net transition obligation (asset) ........................
$
—
$
—
$
(7
)
$
(5
)
$
—
$
—
Net actuarial loss (gain) ....................................
3,981
3,975
1,670
1,650
1,063
1,059
Prior service cost (credit) ..................................
33
46
(144
)
(57
)
(341
)
(504
)
Ending balance .................................................
$
4,014
$
4,021
$
1,519
$
1,588
$
722
$
555
The balance of amounts recognized for international plans in accumulated other comprehensive income as of
December 31 in the preceding table are presented based on the foreign currency exchange rate on that date.
The pension accumulated benefit obligation represents the actuarial present value of benefits based on employee
service and compensation as of the measurement date and does not include an assumption about future
compensation levels. The accumulated benefit obligation of the U.S. pension plans was $11.754 billion and $10.769
billion at December 31, 2010 and 2009, respectively. The accumulated benefit obligation of the international pension
plans was $4.532 billion and $4.279 billion at December 2010 and 2009, 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)
2010
2009
2010
2009
Projected benefit obligation .....
$
443
$
454
$
1,676
$
3,322
Accumulated benefit obligation
441
448
1,563
3,126
Fair value of plan assets .........
25
23
1,122
2,526