Dow Chemical 2012 Annual Report Download - page 144
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118
Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans
In millions
Defined
Benefit Pension Plans
Other Postretirement
Benefits
Change in projected benefit obligations 2012 2011 2012 2011
Benefit obligations at beginning of year $ 22,763 $ 21,158 $ 2,088 $ 2,095
Service cost 378 347 17 15
Interest cost 1,093 1,121 92 100
Plan participants’ contributions 3831——
Actuarial changes in assumptions and experience 3,811 1,562 164 20
Acquisition/divestiture/other activity (51) (20) — 16
Benefits paid (1,347) (1,277) (164) (154)
Currency impact 150 (129) 4 (4)
Termination benefits/curtailment cost 5 (30) 9 —
Benefit obligations at end of year $ 26,840 $ 22,763 $ 2,210 $ 2,088
Change in plan assets
Fair value of plan assets at beginning of year $ 16,119 $ 15,851 $ 154 $ 238
Actual return on plan assets 1,950 853 1 6
Currency impact 129 (121) — —
Employer contributions 903 806 (10) (16)
Plan participants’ contributions 3831——
Acquisition/divestiture/other activity (67) (24) — —
Benefits paid (1,347) (1,277) (80) (74)
Fair value of plan assets at end of year $ 17,725 $ 16,119 $ 65 $ 154
Funded status at end of year $ (9,115) $ (6,644) $ (2,145) $ (1,934)
Net amounts recognized in the consolidated balance sheets at December 31:
Noncurrent assets $ 92 $ 366 $ — $ —
Current liabilities (69) (64) (99) (82)
Noncurrent liabilities (9,138) (6,946) (2,046) (1,852)
Net amounts recognized in the consolidated balance sheets $ (9,115) $ (6,644) $ (2,145) $ (1,934)
Pretax amounts recognized in AOCI at December 31:
Net loss (gain) $ 10,951 $ 8,335 $ 155 $ (7)
Prior service cost (credit) 128 154 (11) (15)
Pretax balance in AOCI at end of year $ 11,079 $ 8,489 $ 144 $ (22)
In 2013, an estimated net loss of $790 million and prior service cost of $25 million for the defined benefit pension plans
will be amortized from AOCI to net periodic benefit cost. In 2013, an estimated net loss of $3 million and prior service credit of
$3 million for other postretirement benefit plans will be amortized from AOCI to net periodic benefit cost.
Estimated Future Benefit Payments
The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:
Estimated Future Benefit Payments at December 31, 2012
In millions
Defined Benefit
Pension Plans
Other
Postretirement
Benefits
2013 $ 1,277 $ 166
2014 1,244 165
2015 1,274 168
2016 1,299 165
2017 1,320 160
2018 through 2022 7,151 719
Total $ 13,565 $ 1,543