Raytheon 2012 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2012 Raytheon 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 144

  • 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
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
110
The PBO and fair value of plan assets for Pension Benefits plans with PBOs in excess of plan assets were $24,657 million
and $17,450 million, respectively, at December 31, 2012, and $21,592 million and $15,529 million, respectively, at
December 31, 2011.
The ABO and fair value of plan assets for Pension Benefits plans with ABOs in excess of plan assets were $22,252 million
and $17,411 million, respectively, at December 31, 2012 and $19,464 million and $15,481 million, respectively, at
December 31, 2011. The ABO for all Pension Benefits plans was $22,288 million and $19,532 million at December 31, 2012
and December 31, 2011, respectively.
The tables below provide a reconciliation of benefit obligations, plan assets, funded status and related actuarial assumptions
of our domestic and foreign Pension Benefits and Other Benefits plans.
Change in Projected Benefit Obligation Pension Benefits Other Benefits
(In millions) 2012 2011 2012 2011
Projected benefit obligation at beginning of year $ 21,613 $ 19,138 $ 812 $ 788
Service cost 516 471 89
Interest cost 1,047 1,069 38 41
Plan participants’ contributions 18 19 44 46
Amendments 2(45)——
Plan curtailments/settlements (5)———
Actuarial loss (gain) 2,670 2,205 13 26
Foreign exchange loss (gain) 29 1——
Benefits paid (1,233)(1,245)(97)(98)
Net transfer in ————
Projected benefit obligation at end of year $ 24,657 $ 21,613 $ 818 $ 812
The PBO for our domestic and foreign Pension Benefits plans was $23,836 million and $821 million, respectively at
December 31, 2012 and $20,905 million and $708 million, respectively, at December 31, 2011.
Change in Plan Assets Pension Benefits Other Benefits
(In millions) 2012 2011 2012 2011
Fair value of plan assets at beginning of year $15,552 $ 15,099 $ 396 $ 433
Actual return (loss) on plan assets 1,868 (148)46 (3)
Company contributions 1,221 1,828 19 18
Plan participants’ contributions 18 19 44 46
Plan settlements (3)———
Foreign exchange gain (loss) 27 (1)——
Benefits paid (1,233)(1,245)(97)(98)
Net transfer in ————
Fair value of plan assets at end of year $ 17,450 $15,552 $ 408 $ 396