Northrop Grumman 2013 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2013 Northrop Grumman annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

NORTHROP GRUMMAN CORPORATION
-69-
In December 2011, the company adopted certain changes in its defined benefit pension plans designed to enable the
company to remain competitive within its marketplace and provide the affordability its customers require. These
changes represent modifications to the defined benefits available to employees hired prior to July 1, 2008, who retire
beginning after December 31, 2012. As a result of these changes, the company recognized a reduction of
approximately $640 million in its projected benefit obligations for the affected employee groups as of December 31,
2011. Due to these changes, certain nonqualified benefit plans experienced curtailments, however the net impact of
these curtailment events was not material.
Pension
Benefits Medical and Life
Benefits
$ in millions 2013 2012 2013 2012
Amounts recorded in accumulated other comprehensive loss
Net actuarial loss ($5,291)($8,057)($151)($461)
Prior service credit 423 481 47 98
Income tax benefits related to above items 1,928 3,003 44 146
Unamortized benefit plan costs ($2,940)($4,573)($ 60)($217)