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Textron Inc. Annual Report ● 2012 73
Obligations and Funded Status
All of our plans are measured as of our fiscal year-end. The changes in the projected benefit obligation and in the fair value of
plan assets, along with our funded status, are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions) 2012 2011 2012 2011
Change in benefit obligation
Benefit obligation at beginning of year $ 6,325 $ 5,877 $ 561 $ 614
Service cost 119 129 6 8
Interest cost 305 327 25 33
Amendments — 7 (2) (23)
Plan participants’ contributions — — 5 5
Actuarial losses (gains) 644 331 15 (17)
Benefits paid (360) (339) (52) (59)
Foreign exchange rate changes 29 (7) — —
Other (9) — 6 —
Benefit obligation at end of year $ 7,053 $ 6,325 $ 564 $ 561
Change in fair value of plan assets
Fair value of plan assets at beginning of year $ 5,013 $ 4,559
Actual return on plan assets 649 167
Employer contributions 389 628
Benefits paid (360) (339)
Foreign exchange rate changes 24 (3)
Settlements and disbursements — 1
Fair value of plan assets at end of year $ 5,715 $ 5,013
Funded status at end of year $ (1,338) $ (1,312) $ (564) $ (561)
Amounts recognized in our balance sheets are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions) 2012 2011 2012 2011
N
on-current assets $ 61 $ 54 $ — $ —
Current liabilities (26) (23) (52) (56)
N
on-current liabilities (1,373) (1,343) (512) (505)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss 2,750 2,455 99 91
Prior service cost (credit) 113 129 (41) (50)
The accumulated benefit obligation for all defined benefit pension plans was $6.6 billion and $6.0 billion at December 29, 2012
and December 31, 2011, respectively, which included $388 million and $360 million, respectively, in accumulated benefit
obligations for unfunded plans where funding is not permitted or in foreign environments where funding is not feasible.
Pension plans with accumulated benefit obligations exceeding the fair value of plan assets are as follows:
(In millions) 2012 2011
Projected benefit obligation $ 6,869 $ 6,153
Accumulated benefit obligation 6,404 5,784
Fair value of plan assets 5,470 4,786