Raytheon 2014 Annual Report Download - page 115

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
106
Funded Status – Amounts Recognized on our Balance Sheets Pension Benefits Other Benefits
(In millions) December 31: 2014 2013 2014 2013
Noncurrent assets $ 28 $ 119 $ — $ —
Current liabilities (98)(74)(12)(13)
Noncurrent liabilities (6,359)(3,387)(352)(288)
Net amount recognized on our balance sheets $(6,429)$(3,342)$(364)$(301)
Reconciliation of Amounts Recognized on our Balance Sheets Pension Benefits Other Benefits
(In millions) December 31: 2014 2013 2014 2013
Accumulated other comprehensive loss:
Prior service (cost) credit $(18)$(13)$ 4 $ 5
Net loss (11,325)(7,892)(98)(23)
Accumulated other comprehensive loss (11,343)(7,905)(94)(18)
Accumulated contributions in excess (below) net periodic benefit or
cost 4,914 4,563 (270)(283)
Net amount recognized on our balance sheets $(6,429)$(3,342)$(364)$(301)
Sources of Change in Accumulated Other Comprehensive Loss Pension Benefits Other Benefits
(In millions) 2014 2013 2014 2013
Prior service (cost) credit arising during period $(11)$ — $ — $ —
Amortization of prior service cost (credit) included in net income 79(1)(2)
Net change in prior service (cost) credit not recognized in net
income during that period (4)9(1)(2)
Actuarial gain (loss) arising during period (4,334)2,869 (76)96
Amortization of net actuarial (gain) loss included in net income 891 1,150 14
Net change in actuarial gain (loss) not included in net income
during the period (3,443)4,019 (75)100
Effect of exchange rates 92——
Total change in accumulated other comprehensive loss during period $(3,438)$ 4,030 $(76)$ 98
The amounts in accumulated other comprehensive loss at December 31, 2014 expected to be recognized as components of
net periodic benefit cost in 2015 are as follows:
Adjustments to Accumulated Other Comprehensive Loss (in millions) Pension
Benefits Other
Benefits
Amortization of net loss $(1,129) $ (2)
Amortization of prior service (cost) credit (7) 1
Total $(1,136) $ (1)
The projected benefit obligation (PBO) represents the present value of Pension Benefits earned through the end of the year,
with allowance for future salary increases. The accumulated benefit obligation (ABO) is similar to the PBO, but does not
provide for future salary increases. The PBO, ABO and asset values for our domestic qualified pension plans were as follows:
(In millions) 2014 2013
PBO for domestic qualified pension plans $24,767 $21,396
ABO for domestic qualified pension plans 22,570 19,595
Asset values for domestic qualified pension plans 19,352 18,822