Boeing 2013 Annual Report Download - page 97
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85
Total debt is attributable to:
2013 2012
BCC $2,577 $2,742
Other Boeing 7,058 7,667
Total debt $9,635 $10,409
At December 31, 2013, $256 of debt (non-recourse debt and notes and capital lease obligations) was
collateralized by customer financing assets totaling $404.
Scheduled principal payments for debt and minimum capital lease obligations for the next five years are
as follows:
2014 2015 2016 2017 2018
Scheduled principal payments $1,562 $888 $1,075 $58 $638
Note 14 – Postretirement Plans
The majority of our employees are earning benefits under defined benefit pension plans. All nonunion and
some union employees hired after December 31, 2008 are not covered by defined benefit plans. We fund
our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the
plans’ participants, and are structured to maintain liquidity that is sufficient to pay benefit obligations as
well as to keep pace over the long-term with the growth of obligations for future benefit payments.
We also have other postretirement benefits (OPB) other than pensions which consist principally of health
care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to
certain groups of retirees. Retiree health care is provided principally until age 65 for approximately half
those retirees who are eligible for health care coverage. Certain employee groups, including employees
covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage.
The funded status of the plans is measured as the difference between the plan assets at fair value and
the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in Other
assets, and the aggregate of all underfunded plans in either Accrued retiree health care or Accrued pension
plan liability, net. The portion of the amount by which the actuarial present value of benefits included in
the PBO exceeds the fair value of plan assets, payable in the next 12 months, is reflected in Accrued
liabilities. The components of net periodic benefit cost were as follows:
Pension
Other Postretirement
Benefits
Years ended December 31, 2013 2012 2011 2013 2012 2011
Service cost $1,886 $1,649 $1,406 $148 $146 $221
Interest cost 2,906 3,005 3,116 263 313 484
Expected return on plan assets (3,874)(3,831) (3,741) (6) (7) (6)
Amortization of prior service costs 196 225 244 (180) (197) (96)
Recognized net actuarial loss 2,231 1,937 1,254 95 119 178
Settlement and curtailment loss 104 25 64 (1) 3
Net periodic benefit cost $3,449 $3,010 $2,343 $320 $373 $784
Net periodic benefit cost included in
Earnings from operations $3,036 $2,407 $1,648 $353 $543 $692