Occidental Petroleum 2014 Annual Report Download - page 70
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(in millions)
Accumulated Benefit
Obligation in Excess of
Plan Assets
Plan Assets
in Excess of Accumulated
Benefit Obligation
As of December 31,
2013
2013
Projected Benefit Obligation
$ 122
$ 401
Accumulated Benefit Obligation
$ 112
$ 386
Fair Value of Plan Assets
$ 39
$ 499
COMPONENTS OF NET PERIODIC BENEFIT COST
Pension Benefits
Postretirement Benefits
For the years ended December 31, (in millions)
2013
2012
2013
2012
Service cost — benefits earned during the period
$ 13
$ 13
$ 29
$ 25
Interest cost on projected benefit obligation
24
27
43
42
Expected return on plan assets
(31)
(31)
—
—
Recognized actuarial loss
19
19
38
37
Other costs and adjustments
(13)
17
1
1
Net periodic benefit cost
$ 12 $ 45
$ 111 $ 105
ADDITIONAL INFORMATION
Pension Benefits
Postretirement Benefits
For the years ended December 31,
2013
2013
Discount rate
4.45%
4.75%
Rate of compensation increase
4.00%
—
Discount rate
3.59%
3.89%
Assumed long term rate of return on assets
6.50%
—
Rate of compensation increase
4.00%
—
(a) Plans requiring a salary increase assumption were separated with California Resources.
68