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58 Chevron Corporation 2012 Annual Report
e funded status of the company’s pension and other postretirement benet plans for 2012 and 2011 follows:
Pension Benets
2012 2011 Other Benets
U.S. Int’l. U.S. Int’l. 2012 2011
Change in Benet Obligation
Benet obligation at January 1 $ 12,165 $ 5,519 $ 10,271 $ 5,070 $ 3,765 $ 3,605
Service cost 452 181 374 174 61 58
Interest cost 435 320 463 325 153 180
Plan participants’ contributions – 7 – 6 151 148
Plan amendments 94 37 – 27 11 –
Actuarial loss (gain) 1,322 417 1,920 318 44 149
Foreign currency exchange rate changes – 114 – (98) 1 (19)
Benets paid (763) (308) (863) (303) (350) (346)
Divestitures (51) – – – (49) –
Curtailment – – – – – (10)
Benet obligation at December 31 13,654 6,287 12,165 5,519 3,787 3,765
Change in Plan Assets
Fair value of plan assets at January 1 8,720 3,577 8,579 3,503 – –
Actual return on plan assets 1,149 375 (143) 118 – –
Foreign currency exchange rate changes – 90 – (66) – –
Employer contributions 844 384 1,147 319 199 198
Plan participants’ contributions – 7 – 6 151 148
Benets paid (763) (308) (863) (303) (350) (346)
Divestitures (41) – – – – –
Fair value of plan assets at December 31 9,909 4,125 8,720 3,577 – –
Funded Status at December 31 $ (3,745) $ (2,162) $ (3,445) $ (1,942) $ (3,787) $ (3,765)
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and other postretirement benet plans at
December 31, 2012 and 2011, include:
Pension Benets
2012 2011 Other Benets
U.S. Int’l. U.S. Int’l. 2012 2011
Deferred charges and other assets $ 7 $ 55 $ 5 $ 116 $ – $ –
Accrued liabilities (61) (76) (72) (84) (225) (222)
Reserves for employee benet plans (3,691) (2,141) (3,378) (1,974) (3,562) (3,543)
Net amount recognized at December 31 $ (3,745) $ (2,162) $ (3,445) $ (1,942) $ (3,787) $ (3,765)
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB
plans were $9,742 and $9,279 at the end of 2012 and 2011, respectively. ese amounts consisted of:
Pension Benets
2012 2011 Other Benets
U.S. Int’l. U.S. Int’l. 2012 2011
Net actuarial loss $ 6,087 $ 2,439 $ 5,982 $ 2,250 $ 968 $ 1,002
Prior service (credit) costs 58 170 (44) 152 20 (63)
Total recognized at December 31 $ 6,145 $ 2,609 $ 5,938 $ 2,402 $ 988 $ 939
e accumulated benet obligations for all U.S. and international pension plans were $12,108 and $5,167, respectively, at
December 31, 2012, and $11,198 and $4,518, respectively, at December 31, 2011.
Note 20 Employee Benefit Plans – Continued
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts