Occidental Petroleum 2014 Annual Report Download - page 69
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POSTRETIREMENT AND OTHER BENEFIT PLANS
SPIN-OFF OF CALIFORNIA RESOURCES
OBLIGATIONS AND FUNDED STATUS
(in millions)
Pension Benefits
Postretirement Benefits
As of December 31,
2013
2013
Other assets
$ 104
$ —
Accrued liabilities
(6)
(58)
Deferred credits and other liabilities — other
(83)
(958)
$ 15
$ (1,016)
Net loss
$ 66
$ 225
Prior service cost
1
2
$ 67
$ 227
For the years ended December 31,
Benefit obligation — beginning of year
$ 615
$ 1,127
Service cost — benefits earned during the period
13
29
Interest cost on projected benefit obligation
24
43
Actuarial (gain) loss
(35)
(126)
Foreign currency exchange rate (gain) loss
(5)
—
Spin-off of California Resources
—
—
Benefits paid
(54)
(57)
Settlements
(35)
—
Benefit obligation — end of year
$ 523
$ 1,016
Fair value of plan assets — beginning of year
$ 499
$ —
Actual return on plan assets
88
—
Employer contributions
29
—
Spin-off of California Resources
—
—
Benefits paid
(54)
—
Settlements
(24)
—
Fair value of plan assets — end of year
$ 538
$ —
$ 15
$ (1,016)
67