Raytheon 2012 Annual Report Download - page 117
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
109
Funded Status – Amounts Recognized on our Balance Sheets Pension Benefits Other Benefits
(In millions) December 31: 2012 2011 2012 2011
Noncurrent assets $— $2
$— $—
Current liabilities (69)(51)(13)(16)
Noncurrent liabilities (7,138)(6,012)(397)(400)
Net amount recognized on our balance sheets $(7,207)$(6,061)$(410)$(416)
Reconciliation of Amounts Recognized on our Balance Sheets Pension Benefits Other Benefits
(In millions) December 31: 2012 2011 2012 2011
Accumulated other comprehensive loss:
Initial net obligation $— $— $— $(1)
Prior service (cost) credit (22)(31)710
Net loss (11,913)(10,626)(123)(128)
Accumulated other comprehensive loss (11,935)(10,657)(116)(119)
Accumulated contributions in excess (below) net periodic benefit or
cost 4,728 4,596 (294)(297)
Net amount recognized on our balance sheets $(7,207)$(6,061)$(410)$(416)
Sources of Change in Accumulated Other Comprehensive Loss Pension Benefits Other Benefits
(In millions) 2012 2011 2012 2011
Amortization of initial net obligation $— $— $1
$4
Net change initial net obligation ——14
Prior service (cost) credit arising during period (2)45 ——
Amortization of prior service cost (credit) included in net income 10 11 (3)(10)
Net change in prior service (cost) credit not recognized in net
income during that period 856 (3)(10)
Actuarial gain (loss) arising during period (2,219)(3,624)2(64)
Amortization of net actuarial (gain) loss included in net income 939 792 33
Net change in actuarial gain (loss) not included in net income
during the period (1,280)(2,832)5(61)
Effect of exchange rates (6)(2)——
Total change in accumulated other comprehensive loss during period $(1,278)$(2,778)$3
$(67)
The amounts in accumulated other comprehensive loss at December 31, 2012 expected to be recognized as components of
net periodic benefit cost in 2013 are as follows:
Adjustments to Accumulated Other Comprehensive Loss (in millions) Pension
Benefits
Other
Benefits
Amortization of net loss $(1,169)$ (4)
Amortization of transition obligation — —
Amortization of prior service (cost) credit (9) 3
Total $(1,178)$ (1)
The projected benefit obligation (PBO), accumulated benefit obligation (ABO) and asset values for our domestic qualified
pension plans were $23,082 million, $20,828 million, and $16,733 million, respectively, as of December 31, 2012 and $20,290
million, $18,302 million, and $14,931 million, respectively, as of December 31, 2011. The PBO represents the present value
of Pension Benefits earned through the end of the year, with allowance for future salary increases. The ABO is similar to the
PBO, but does not provide for future salary increases.