Dow Chemical 2013 Annual Report Download - page 139
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117
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 2013 2012 2013 2012
Benefit obligations at beginning of year $ 26,840 $ 22,763 $ 2,210 $ 2,088
Service cost 471 378 19 17
Interest cost 1,012 1,093 78 92
Plan participants’ contributions 17 38 — —
Actuarial changes in assumptions and experience (2,029) 3,811 (401) 164
Acquisition/divestiture/other activity — (51) — —
Benefits paid (1,322) (1,347) (156) (164)
Currency impact 123 150 (8) 4
Termination benefits/curtailment cost/settlements (1) (85) 5 — 9
Benefit obligations at end of year $ 25,027 $ 26,840 $ 1,742 $ 2,210
Change in plan assets
Fair value of plan assets at beginning of year $ 17,725 $ 16,119 $ 65 $ 154
Actual return on plan assets 1,548 1,950 — 1
Currency impact 85 129 — —
Employer contributions 865 903 — (10)
Plan participants’ contributions 17 38 — —
Acquisition/divestiture/other activity (91) (67) — —
Benefits paid (1,322) (1,347) (65) (80)
Fair value of plan assets at end of year $ 18,827 $ 17,725 $ — $ 65
Funded status at end of year $ (6,200) $ (9,115) $ (1,742) $ (2,145)
Net amounts recognized in the consolidated balance sheets at December 31:
Noncurrent assets $ 139 $ 92 $ — $ —
Current liabilities (66) (69) (157) (99)
Noncurrent liabilities (6,273) (9,138) (1,585) (2,046)
Net amounts recognized in the consolidated balance sheets $ (6,200) $ (9,115) $ (1,742) $ (2,145)
Pretax amounts recognized in AOCI at December 31:
Net loss (gain) $ 7,815 $ 10,951 $ (253) $ 155
Prior service cost (credit) 103 128 (7) (11)
Pretax balance in AOCI at end of year $ 7,918 $ 11,079 $ (260) $ 144
(1) The 2013 impact primarily relates to settlements associated with the wind-up of a Canadian pension plan.
In 2014, an estimated net loss of $507 million and prior service cost of $23 million for the defined benefit pension plans will be
amortized from AOCI to net periodic benefit cost. In 2014, an estimated net gain of $14 million and prior service credit of
$2 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, 2013
In millions
Defined Benefit
Pension Plans
Other
Postretirement
Benefits
2014 $ 1,263 $ 160
2015 1,280 157
2016 1,305 152
2017 1,333 145
2018 1,378 141
2019 through 2023 7,401 636
Total $ 13,960 $ 1,391