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Chevron Corporation 2012 Annual Report 59
Note 20 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, 2012 and 2011, was:
e components of net periodic benet cost and amounts recognized in other comprehensive income for 2012, 2011 and
2010 are shown in the table below:
Pension Benets
2012 2011 2010
Other Benets
U.S. Int’l. U.S. Int’l. U.S. Int’l. 2012 2011 2010
Net Periodic Benet Cost
Service cost $ 452 $ 181 $ 374 $ 174 $ 337 $ 153 $ 61 $ 58 $ 39
Interest cost 435 320 463 325 486 307 153 180 175
Expected return on plan assets (634) (269) (613) (283) (538) (241) – – –
Amortization of prior service
(credits) costs (7) 18 (8) 19 (8) 22 (72) (72) (75)
Recognized actuarial losses 470 136 310 101 318 98 56 64 27
Settlement losses 220 5 298 – 186 6 (26) – –
Curtailment losses (gains) – – – 35 – – – (10) –
Total net periodic benet cost 936 391 824 371 781 345 172 220 166
Changes Recognized in Other
Comprehensive Income
Net actuarial loss during period 805 330 2,671 448 242 118 45 131 497
Amortization of actuarial loss (700) (141) (608) (101) (504) (104) (79) (64) (27)
Prior service cost during period 94 37 – 27 – – 11 – 12
Amortization of prior service
credits (costs) 7 (18) 8 (54) 8 (22) 72 72 75
Total changes recognized in
other comprehensive income 206 208 2,071 320 (254) (8) 49 139 557
Recognized in Net Periodic
Benet Cost and Other
Comprehensive Income $ 1,142 $ 599 $ 2,895 $ 691 $ 527 $ 337 $ 221 $ 359 $ 723
Pension Benets
2012 2011
U.S. Int’l. U.S. Int’l.
Projected benet obligations $ 13,647 $ 4,812 $ 12,157 $ 4,207
Accumulated benet obligations 12,101 4,063 11,191 3,586
Fair value of plan assets 9,895 2,756 8,707 2,357
Net actuarial losses recorded in “Accumulated other
comprehensive loss” at December 31, 2012, for the compa-
ny’s U.S. pension, international pension and OPEB plans are
being amortized on a straight-line basis over approximately
10, 13 and 10 years, respectively. ese amortization periods
represent the estimated average remaining service of employ-
ees 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 2013, the com-
pany estimates actuarial losses of $472, $143 and $54 will be
amortized from “Accumulated other comprehensive loss” for
U.S. pension, international pension and OPEB plans, respec-
tively. In addition, the company estimates an additional
$230 will be recognized from “Accumulated other compre-
hensive loss” during 2013 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, 2012, was approximately
10 and 13 years for U.S. and international pension plans,
respectively, and 11 years for other postretirement benet
plans. During 2013, the company estimates prior service
(credits) costs of $1, $22 and $(50) will be amortized from
“Accumulated other comprehensive loss” for U.S. pension,
international pension and OPEB plans, respectively.