Northrop Grumman 2012 Annual Report Download - page 78

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NORTHROP GRUMMAN CORPORATION
-68-
The following tables set forth the funded status and amounts recognized in the consolidated statements of financial
position for the company’s defined benefit pension and retiree health care and life insurance benefit plans. Pension
benefits data includes the qualified plans as well as 11 domestic unfunded non-qualified plans for benefits provided
to directors, officers, and certain employees. The company uses a December 31 measurement date for all of its plans.
Pension Benefits Medical and
Life Benefits
$ in millions 2012 2011 2012 2011
Change in projected benefit obligation
Projected benefit obligation at beginning of year $24,129 $21,820 $2,235 $2,104
Service cost 522 520 34 32
Interest cost 1,184 1,223 109 114
Plan participants’ contributions 12 14 81 82
Plan amendments (1)(608)—6
Actuarial loss 3,114 2,379 202 107
Benefits paid (1,220)(1,197)(227)(224)
Other 6(22)14 14
Projected benefit obligation at end of year $27,746 $24,129 $2,448 $2,235
Pension Benefits Medical and
Life Benefits
$ in millions 2012 2011 2012 2011
Change in plan assets
Fair value of plan assets at beginning of year $21,340 $20,081 $ 946 $ 932
Gain on plan assets 2,463 1,342 119 31
Employer contributions 366 1,084 129 111
Plan participants’ contributions 12 14 81 82
Benefits paid (1,220)(1,197)(227)(224)
Other 116 14 14
Fair value of plan assets at end of year 22,962 21,340 1,062 946
Funded status ($ 4,784)($ 2,789)($1,386)($1,289)
Amounts recognized in the Consolidated Statements of
Financial Position
Non-current assets $ 7 $ 112 $ 49 $ 41
Current liability (111)(104)(30)(48)
Non-current liability (4,680)(2,797)(1,405)(1,282)
The following table shows those amounts expected to be recognized in net periodic benefit cost in 2013:
$ in millions Pension Benefits Medical and
Life Benefits
Amounts expected to be recognized in 2013 net periodic
benefit cost
Net actuarial loss $608 $30
Prior service credit (58)(51)
The accumulated benefit obligation for all defined benefit pension plans was $27.2 billion and $23.6 billion at
December 31, 2012 and 2011, respectively.