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Chevron Corporation 2011 Annual Report 59
Note 21 Employee Benefit Plans – Continued
Information for U.S. and international pension plans with an accumulated benet obligation in excess of plan assets at
December 31, 2011 and 2010, was:
e components of net periodic benet cost and amounts recognized in other comprehensive income for 2011, 2010 and
2009 are shown in the table below:
Pension Benets
2011 2010 2009
Other Benets
U.S. Int’l. U.S. Int’l. U.S. Int’l. 2011 2010 2009
Net Periodic Benet Cost
Service cost $ 374 $ 174 $ 337 $ 153 $ 266 $ 128 $ 58 $ 39 $ 43
Interest cost 463 325 486 307 481 292 180 175 180
Expected return on plan assets (613) (283) (538) (241) (395) (203) – – –
Amortization of prior service
(credits) costs (8) 19 (8) 22 (7) 23 (72) (75) (81)
Recognized actuarial losses 310 101 318 98 298 108 64 27 27
Settlement losses 298 – 186 6 141 1 – – –
Curtailment losses (gains) – 35 – – – – (10) – (5)
Total net periodic benet cost 824 371 781 345 784 349 220 166 164
Changes Recognized in Other
Comprehensive Income
Net actuarial loss during period 2,671 448 242 118 823 194 131 497 82
Amortization of actuarial loss (608) (101) (504) (104) (439) (109) (64) (27) (27)
Prior service cost during period – 27 – – 1 13 – 12 20
Amortization of prior service
credits (costs) 8 (54) 8 (22) 7 (23) 72 75 81
Total changes recognized in
other comprehensive income 2,071 320 (254) (8) 392 75 139 557 156
Recognized in Net Periodic
Benet Cost and Other
Comprehensive Income $ 2,895 $ 691 $ 527 $ 337 $ 1,176 $ 424 $ 359 $ 723 $ 320
Pension Benets
2011 2010
U.S. Int’l. U.S. Int’l.
Projected benet obligations $ 12,157 $ 4,207 $ 10,265 $ 3,668
Accumulated benet obligations 11,191 3,586 9,528 3,113
Fair value of plan assets 8,707 2,357 8,566 2,190
Net actuarial losses recorded in “Accumulated other
comprehensive loss” at December 31, 2011, for the company’s
U.S. pension, international pension and OPEB plans are
being amortized on a straight-line basis over approximately
10, 12 and eight years, respectively. ese amortization peri-
ods represent the estimated average remaining service of
employees expected to receive benets under the plans. ese
losses are amortized to the extent they exceed 10 percent of
the higher of the projected benet obligation or market-
related value of plan assets. e amount subject to
amortization is determined on a plan-by-plan basis. During
2012, the company estimates actuarial losses of $476, $142
and $75 will be amortized from “Accumulated other compre-
hensive loss” for U.S. pension, international pension and
OPEB plans, respectively. In addition, the company esti-
mates an additional $260 will be recognized from
“Accumulated other comprehensive loss” during 2012 related
to lump-sum settlement costs from U.S. pension plans.
e weighted-average amortization period for recognizing
prior service costs (credits) recorded in “Accumulated other
comprehensive loss” at December 31, 2011, was approximately
six and seven years for U.S. and international pension plans,
respectively, and two years for other postretirement benet
plans. During 2012, the company estimates prior service
(credits) costs of $(8), $21 and $(72) will be amortized from
“Accumulated other comprehensive loss” for U.S. pension,
international pension and OPEB plans, respectively.