Alcoa 2010 Annual Report Download - page 141
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Obligations and Funded Status
Pension benefits
Other
postretirement benefits
December 31, 2010 2009 2010 2009
Change in benefit obligation
Benefit obligation at beginning of year $11,638 $10,765 $ 3,038 $ 3,121
Service cost 152 143 21 21
Interest cost 691 690 175 184
Amendments 41 4 8 (1)
Actuarial losses (gains) 544 450 (75) (48)
Acquisitions - 106 - 26
Divestitures - (10) - -
Settlements (8) (28) (6) -
Curtailments (10) 2 - -
Benefits paid, net of participants’ contributions (799) (801) (287) (297)
Medicare Part D subsidy receipts - - 26 26
Foreign currency translation impact 94 317 2 6
Benefit obligation at end of year* $12,343 $11,638 $ 2,902 $ 3,038
Change in plan assets
Fair value of plan assets at beginning of year $ 8,529 $ 7,908 $ 111 $ 162
Actual return on plan assets 941 946 8 13
Employer contributions 718 136 - -
Participants’ contributions 30 28 - -
Benefits paid (800) (807) (61) (64)
Administrative expenses (39) (42) - -
Acquisitions - 123 - -
Divestitures - (2) - -
Settlements (8) (31) - -
Foreign currency translation impact 80 270 - -
Fair value of plan assets at end of year* $ 9,451 $ 8,529 $ 58 $ 111
Funded status* $ (2,892) $ (3,109) $(2,844) $(2,927)
Less: Amounts attributed to joint venture partners (26) (16) (5) (7)
Net funded status $ (2,866) $ (3,093) $(2,839) $(2,920)
Amounts recognized in the Consolidated Balance Sheet consist of:
Noncurrent assets $ 84 $ 94 $ - $ -
Current liabilities (27) (24) (224) (224)
Noncurrent liabilities (2,923) (3,163) (2,615) (2,696)
Net amount recognized $ (2,866) $ (3,093) $(2,839) $(2,920)
Amounts recognized in Accumulated Other Comprehensive Loss consist
of:
Net actuarial loss $ 4,221 $ 3,932 $ 520 $ 631
Prior service cost (benefit) 106 81 (108) (132)
Total, before tax effect 4,327 4,013 412 499
Less: Amounts attributed to joint venture partners 36 23 - 2
Net amount recognized, before tax effect $ 4,291 $ 3,990 $ 412 $ 497
Other Changes in Plan Assets and Benefit Obligations Recognized in
Other Comprehensive Income consist of:
Net actuarial loss (gain) $ 470 $ 393 $ (78) $ (52)
Amortization of accumulated net actuarial loss (181) (111) (33) (41)
Prior service cost 42 8 9 -
Amortization of prior service (cost) benefit (17) (16) 15 11
Total, before tax effect 314 274 (87) (82)
Less: Amounts attributed to joint venture partners 13 10 (2) -
Net amount recognized, before tax effect $ 301 $ 264 $ (85) $ (82)
* At December 31, 2010, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were $9,791, $7,242, and
$2,549, respectively. At December 31, 2009, the benefit obligation, fair value of plan assets, and funded status for U.S. pension plans were
$9,403, $6,541, and $2,862, respectively.
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