Pfizer 2006 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2006 Pfizer 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 84

  • 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

2006 Financial Report 59
Notes to Consolidated Financial Statements
Pfizer Inc and Subsidiary Companies
Amounts recognized in the consolidated balance sheet as of December 31 follow:
PENSION PLANS
U.S. SUPPLEMENTAL POSTRETIREMENT
U.S. QUALIFIED (NON-QUALIFIED) INTERNATIONAL PLANS
(MILLIONS OF DOLLARS) 2006 2005 2006 2005 2006 2005 2006 2005
Noncurrent assets
(a)
$ 441 $1,678 $— $— $40 $ 553 $—$—
Current liabilities
(b)
— (55) (100) (17) (34) (17) (50) (19)
Noncurrent liabilities
(c)
(417) (138) (945) (826) (2,270) (1,717) (1,970) (1,424)
Funded status $ 24 $ (1,045) $(2,264) $(2,020)
Accumulated other comprehensive
income/(expense)
(d)
— 450 520 —
Net amounts recognized $1,485 $(393) $ (661) $(1,443)
(a)
Included primarily in Other assets, deferred taxes and deferred charges.
(b)
Included in Other current liabilities and Liabilities of discontinued operations and other liabilities held for sale, as appropriate.
(c)
Included in Pension benefit obligations and Postretirement benefit obligations, as appropriate.
(d)
Included in Accumulated other comprehensive income/(expense).
The components of the amount recognized in Accumulated other comprehensive income/(expense) at December 31, 2006, follow:
PENSION PLANS
U.S. SUPPLEMENTAL POSTRETIREMENT
(MILLIONS OF DOLLARS)
U.S. QUALIFIED (NON-QUALIFIED) INTERNATIONAL PLANS
Actuarial losses $1,418 $622 $1,649 $621
Prior service costs and other 50 (27) (2) 6
Total $1,468 $595 $1,647 $627
The actuarial losses primarily represent the cumulative difference between the actuarial assumptions and actual return on plan assets,
changes in discount rates and plan experience. These actuarial losses are recognized in Accumulated other comprehensive
income/(expense) and are amortized into income over an average period of 11 years for our U.S. plans and an average period of 14
years for our international plans.
The following table presents the amount in Accumulated other comprehensive income/(expense) expected to be amortized into 2007
net periodic benefit costs:
PENSION PLANS
U.S. SUPPLEMENTAL POSTRETIREMENT
(MILLIONS OF DOLLARS) U.S. QUALIFIED (NON-QUALIFIED) INTERNATIONAL PLANS
Actuarial losses $68 $ 46 $102 $50
Prior service costs and other 8 (2) (1) 2
Total $76 $44 $101 $52
Information related to the U.S. qualified, U.S. supplemental (non-qualified) and international pension plans as of December 31 follows:
U.S. SUPPLEMENTAL INTERNATIONAL
U.S. QUALIFIED PLANS (NON-QUALIFIED) PLANS
(MILLIONS OF DOLLARS) 2006 2005 2006 2005 2006 2005
Pension plans with an accumulated benefit obligation
in excess of plan assets:
Fair value of plan assets $ 403 $ 387 $—$—$2,273 $1,849
Accumulated benefit obligation 468 458 883 843 4,002 3,494
Pension plans with a projected benefit obligation
in excess of plan assets:
Fair value of plan assets 4,897 4,249 — — 5,265 4,355
Projected benefit obligation 5,314 5,376 1,045 1,133 7,569 6,738