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68Textron Inc. Annual Report • 2013
The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic pension costs in 2014
is as follows:
(In millions)
Pension
Benefits
Postretirement
Benefits
Other than
Pensions
N
et actuarial loss $ 112 $ 2
Prior service cost (credit) 15 (22)
$ 127 $ (20)
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) 2013 2012 2013 2012
Change in benefit obligation
Benefit obligation at beginning of year $ 7,053 $ 6,325 $ 564 $ 561
Service cost 133 119 6 6
Interest cost 290 305 19 25
Amendments 16 — (45) (2)
Plan participants’ contributions — — 4 5
Actuarial losses (gains) (566) 644 (55) 15
Benefits paid (373) (360) (48) (52)
Foreign exchange rate changes (13) 29 — —
Other 4 (9) — 6
Benefit obligation at end of year $ 6,544 $ 7,053 $ 445 $ 564
Change in fair value of plan assets
Fair value of plan assets at beginning of year $ 5,715 $ 5,013
Actual return on plan assets 819 649
Employer contributions 185 389
Benefits paid (373) (360)
Foreign exchange rate changes (1) 24
Fair value of plan assets at end of year $ 6,345 $ 5,715
Funded status at end of year $ (199) $ (1,338) $ (445) $ (564)
Amounts recognized in our balance sheets are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions) 2013 2012 2013 2012
N
on-current assets $ 413 $ 61 $ — $ —
Current liabilities (26) (26) (48) (52)
N
on-current liabilities (586) (1,373) (397) (512)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss 1,596 2,750 38 99
Prior service cost (credit) 114 113 (69) (41)
The accumulated benefit obligation for all defined benefit pension plans was $6.1 billion and $6.6 billion at December 28, 2013
and December 29, 2012, respectively, which included $359 million and $388 million, respectively, in accumulated benefit
obligations for unfunded plans where funding is not permitted or in foreign environments where funding is not feasible.