National Oilwell Varco 2012 Annual Report Download - page 87

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Index to Financial Statements
The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway and the Netherlands and
defined postretirement plans in the United States, using a measurement date of December 31, 2011 and December 31, 2010, is as follows (in millions):
Pension benefits Postretirement benefits
At year end 2011 2010 2011 2010
Benefit obligation at beginning of year $ 272 $ 262 $ 33 $ 39
Service cost 7 5
Interest cost 19 14 1 2
Actuarial loss (gain) (14) 10 1 (3)
Benefits paid (14) (12) (5) (5)
Participants contributions 1 1
Exchange rate loss (gain) (6) (7)
Acquisitions 299 5
Curtailments (9)
Other 1 (1)
Benefit obligation at end of year $ 556 $ 272 $ 35 $ 33
Fair value of plan assets at beginning of year $ 203 $ 193 $ $
Actual return 19 18
Benefits paid (14) (12) (5) (5)
Company contributions 19 8 5 5
Participants contributions 1 1
Exchange rate (loss) gain (5) (4)
Acquisitions 196
Other (1)
Fair value of plan assets at end of year $ 419 $ 203 $ $
Funded status $ (137) $ (69) $ (35) $ (33)
Accumulated benefit obligation at end of year $ 527 $ 254
Liabilities associated with the funded status of the defined benefit pension plans are included in the balances of accrued liabilities and other liabilities in the Consolidated
Balance Sheet.
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