Sunoco 2008 Annual Report Download - page 84
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For 2009, amortization of actuarial losses and prior service cost (benefit) is estimated at $52 and $1 million,
respectively, for defined benefit plans and $1 and $(1) million, respectively, for postretirement benefit plans.
Defined benefit plans and postretirement benefit plans expense is determined using actuarial assumptions as
of the beginning of the year. The following weighted-average assumptions were used to determine defined
benefit plans and postretirement benefit plans expense:
Defined Benefit Plans Postretirement Benefit Plans
2008 2007 2006 2008 2007 2006
Discount rate ................................. 6.25% 5.85% 5.60% 6.10% 5.80% 5.50%
Long-term expected rate of return on plan assets .... 8.25% 8.25% 8.25%
Rate of compensation increase .................. 4.00% 4.00% 4.00%
The long-term expected rate of return on plan assets was estimated based on a variety of factors including
the historical investment return achieved over a long-term period, the targeted allocation of plan assets and
expectations concerning future returns in the marketplace for both equity and debt securities.
The following amounts were recognized as components of other comprehensive income for the years ended
December 31, 2008 and 2007 (in millions of dollars):
Defined
Benefit Plans
Postretirement
Benefit Plans
2008 2007 2008 2007
Reclassifications to earnings of:
Actuarial loss amortization ...................................... $ 13 $32 $ 1 $ 3
Prior service cost (benefit) amortization ........................... 2 2 (1) (1)
Settlement losses ............................................. 7 — — —
Retirement benefit plan funded status adjustment:
Actuarial gains (losses) ........................................ (512) 23 11 15
Prior service cost ............................................. — — (2) (10)
$(490) $57 $ 9 $ 7
76