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58 Chevron Corporation 2013 Annual Report
tively. In addition, the company estimates an additional $132
will be recognized from “Accumulated other comprehensive
loss” during 2014 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, 2013, was approximately
10 and 12 years for U.S. and international pension plans,
respectively, and 10 years for other postretirement benet
plans. During 2014, the company estimates prior service
(credits) costs of $(9), $21 and $14 will be amortized from
“Accumulated other comprehensive loss” for U.S. pension,
international pension and OPEB plans, respectively.
Net actuarial losses recorded in “Accumulated other
comprehensive loss” at December 31, 2013, 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 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 2014, the com-
pany estimates actuarial losses of $209, $102 and $7 will be
amortized from “Accumulated other comprehensive loss” for
U.S. pension, international pension and OPEB plans, respec-
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, 2013 and 2012, was:
Pension Benets
2013 2012
U.S. Int’l. U.S. Int’l.
Projected benet obligations $ 1,267 $ 1,692 $ 13,647 $ 4,812
Accumulated benet obligations 1,155 1,240 12,101 4,063
Fair value of plan assets 4 203 9,895 2,756
e components of net periodic benet cost and amounts recognized in the Consolidated Statement of Comprehensive
Income for 2013, 2012 and 2011 are shown in the table below:
Pension Benets
2013 2012 2011
Other Benets
U.S. Int’l. U.S. Int’l. U.S. Int’l. 2013 2012 2011
Net Periodic Benet Cost
Service cost $ 495 $ 197 $ 452 $ 181 $ 374 $ 174 $ 66 $ 61 $ 58
Interest cost 471 314 435 320 463 325 149 153 180
Expected return on plan assets (701) (274) (634) (269) (613) (283) – – –
Amortization of prior service
costs (credits) 2 21 (7) 18 (8) 19 (50) (72) (72)
Recognized actuarial losses 485 143 470 136 310 101 53 56 64
Settlement losses 173 12 220 5 298 – – (26) –
Curtailment losses (gains) – – – – – 35 – – (10)
Total net periodic benet cost 925 413 936 391 824 371 218 172 220
Changes Recognized in
Comprehensive Income
Net actuarial (gain) loss
during period (2,244) (476) 805 330 2,671 448 (659) 45 131
Amortization of actuarial loss (658) (155) (700) (141) (608) (101) (53) (79) (64)
Prior service (credits) cost
during period (78) 18 94 37 – 27 – 11 –
Amortization of prior service
(costs) credits (2) (21) 7 (18) 8 (54) 50 72 72
Total changes recognized in
other comprehensive income (2,982) (634) 206 208 2,071 320 (662) 49 139
Recognized in Net Periodic
Benet Cost and Other
Comprehensive Income $ (2,057) $ (221) $ 1,142 $ 599 $ 2,895 $ 691 $ (444) $ 221 $ 359
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts