Chevron 2004 Annual Report Download - page 73

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 EMPLOYEE BENEFIT PLANS – Continued
The฀accumulated฀benefit฀obligations฀for฀all฀U.S.฀and฀inter-
national฀pension฀plans฀were฀$฀6,117฀and฀$2,734,฀respectively,฀
at฀December฀31,฀2004,฀and฀$5,374฀and฀$2,372,฀respectively,฀at฀
December฀31,฀2003.
CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT 71
The฀status฀of฀the฀company’s฀pension฀and฀other฀postretirement฀benefit฀plans฀for฀2004฀and฀2003฀is฀as฀follows:
Pension Benefits
2003 Other Benefits
U.S. Int’l. U.S. Int’l.  2003

Benefit obligation at January 1   $ 5,308 $ 2,163   $ 2,865
Service cost   144 54  28
Interest cost   334 151  191
Plan participants’ contributions 1 1 –
Plan amendments  – 25  –
Actuarial loss1   708 223  244
Foreign currency exchange rate changes  – 257 7
Benefits paid   (676) (162)  (200)
Curtailment  – (4) –
Special termination benefits – – –
Benefit obligation at December 31    5,819 2,708  3,135

Fair value of plan assets at January 1   3,190 1,645 –
Actual return on plan assets   726 203 –
Foreign currency exchange rate changes  – 228 –
Employer contributions   1,203 214  200
Plan participants’ contributions 1 1 –
Benefits paid   (676) (162)  (200)
Fair value of plan assets at December 31    4,444 2,129 –
   (1,375) (579)  (3,135)
Unrecognized net actuarial loss1   1,598 918  646
Unrecognized prior-service cost   350 92  (19)
Unrecognized net transitional assets – 8 –
Total recognized at December 31    $ 573 $ 439  $ (2,508)

 
Prepaid benefit cost    $ 10 $ 679   $ –
Accrued benefit liability2   (970) (392)  (2,508)
Intangible asset  349 18 –
Accumulated other comprehensive income3   1,184 134 –
Net amount recognized    $ 573 $ 439  $ (2,508)
1 Other Benefits in 2003 include a $10 gain for the Medicare Part D federal subsidy for a small subsidiary plan.
2 The company recorded additional minimum liabilities of $530 and $64 in 2004 for U.S. and international plans, respectively, and $1,533 and $152 in 2003 for U.S. and international
plans, respectively, to reflect the amount of unfunded accumulated benefit obligations. The long-term portion of accrued benefits liability is recorded in “Reserves for employee
benefit plans,” and the short-term portion is reflected in “Accrued liabilities.”
3 “Accumulated other comprehensive income” includes deferred income taxes of $181 and $21 in 2004 for U.S. and international plans, respectively, and $415 and $47 in 2003 for
U.S. and international plans, respectively. This item is presented net of these taxes in the Consolidated Statement of Stockholders’ Equity.
Information฀for฀pension฀plans฀with฀an฀accumulated฀benefit฀
obligation฀in฀excess฀of฀plan฀assets฀at฀December฀31,฀2004฀and฀
2003,฀was:
At December 31
 2003
Projected benefit obligations  $ 6,637
Accumulated benefit obligations  6,067
Fair value of plan assets  4,791