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60 Chevron Corporation 2009 Annual Report
FS-PB
Note 21 Employee Benefit Plans – Continued
Pension Benefits
2009 2008 Other Benefits
U.S. Int’l. U.S. Int’l. 2009 2008
Change in Benefit Obligation
Benefit obligation at January 1 $ 8,127 $ 3,891 $ 8,395 $ 4,633 $ 2,931 $ 2,939
Service cost 266 128 250 132 43 44
Interest cost 481 292 499 292 180 178
Plan participants’ contributions – 7 – 9 145 152
Plan amendments 1 10 – 32 20 –
Curtailments – – – – (5) –
Actuarial loss (gain) 1,391 299 (62) (104) 56 (14)
Foreign currency exchange rate changes – 333 – (858) 27 (28)
Benefits paid (602) (245) (955) (246) (332) (340)
Special termination benefits – – – 1 – –
Benefit obligation at December 31 9,664 4,715 8,127 3,891 3,065 2,931
Change in Plan Assets
Fair value of plan assets at January 1 5,448 2,600 7,918 3,892 – –
Actual return on plan assets 964 402 (2,092) (655) – –
Foreign currency exchange rate changes – 226 – (662) – –
Employer contributions 1,494 245 577 262 187 188
Plan participants’ contributions – 7 – 9 145 152
Benefits paid (602) (245) (955) (246) (332) (340)
Fair value of plan assets at December 31 7,304 3,235 5,448 2,600 – –
Funded Status at December 31 $ (2,360) $ (1,480) $ (2,679) $ (1,291) $ (3,065) $ (2,931)
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and other postretirement benefit plans at
December 31, 2009 and 2008, include:
Pension Benefits
2009 2008 Other Benefits
U.S. Int’l. U.S. Int’l. 2009 2008
Deferred charges and other assets $ 6 $ 37 $ 6 $ 31 $ – $ –
Accrued liabilities (66) (67) (72) (61) (208) (209)
Reserves for employee benefit plans (2,300) (1,450) (2,613) (1,261) (2,857) (2,722)
Net amount recognized at December 31 $ (2,360) $ (1,480) $ (2,679) $ (1,291) $ (3,065) $ (2,931)
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB
plans were $6,454 and $5,831 at the end of 2009 and 2008, respectively. These amounts consisted of:
Pension Benefits
2009 2008 Other Benefits
U.S. Int’l. U.S. Int’l. 2009 2008
Net actuarial loss $ 4,181 $ 1,889 $ 3,797 $ 1,804 $ 465 $ 410
Prior-service (credit) costs (60) 201 (68) 211 (222) (323)
Total recognized at December 31 $ 4,121 $ 2,090 $ 3,729 $ 2,015 $ 243 $ 87
The accumulated benefit obligations for all U.S. and international pension plans were $8,707 and $4,029, respectively, at
December 31, 2009, and $7,376 and $3,273, respectively, at December 31, 2008.
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at
December 31, 2009 and 2008, was:
Pension Benefits
2009 2008
U.S. Int’l. U.S. Int’l.
Projected benefit obligations $ 9,658 $ 3,550 $ 8,121 $ 2,906
Accumulated benefit obligations 8,702 3,102 7,371 2,539
Fair value of plan assets 7,292 2,116 5,436 1,698
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts