Union Pacific 2011 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2011 Union Pacific 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 102

  • 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

63
Amounts recognized in the statement of financial position as of December 31, 2011 and 2010 consist of:
Pension OPEB
Millions 2011 2010 2011 2010
Noncurrent assets $ - $ 1 $ - $ -
Current liabilities (15) (15) (26) (27)
Noncurrent liabilities (645) (341) (310) (291)
Net amounts recognized at end of year $ (660) $ (355) $ (336) $ (318)
Pre-tax amounts recognized in accumulated other comprehensive income/(loss) as of December 31,
2011 and 2010 consist of:
2011 2010
Millions Pension OPEB Tota
l
Pension OPEB Tota
l
Prior service (cost)/credit $ (1) $ 63 $ 62 $ (3) $ 106 $ 103
Net actuarial loss (1,503) (146) (1,649) (1,059) (142) (1,201)
Total $ (1,504) $ (83) $ (1,587) $ (1,062) $ (36) $ (1,098)
Other pre-tax changes recognized in other comprehensive income during 2011, 2010 and 2009 were as
follows:
Pension OPEB
Millions 2011 2010 2009 2011 2010 2009
Prior service cost/(credit) $ - $ - $ - $ 10 $ (6) $ (78)
Net actuarial (gain)/loss 515 165 (51) 14 16 (21)
Amortization of:
Prior service cost/(credit) (2) (3) (5) 34 45 44
Actuarial loss (71) (49) (30) (11) (13) (12)
Total $ 442 $ 113 $ (86) $ 47 $ 42 $ (67)
Amounts included in accumulated other comprehensive income expected to be amortized into net
periodic cost (benefit) during 2012:
Millions Pension OPEB Tota
l
Prior service cost/(benefit) $ 1 $ (17) $ (16)
Net actuarial loss 104 12 116
Total $ 105 $ (5) $ 100
Underfunded Accumulated Benefit Obligation – The accumulated benefit obligation (ABO) is the present
value of benefits earned to date, assuming no future compensation growth. The underfunded
accumulated benefit obligation represents the difference between the ABO and the fair value of plan
assets. At December 31, 2011 and 2010, the non-qualified (supplemental) plan ABO was $284 million
and $257 million, respectively. The PBO, ABO, and fair value of plan assets for pension plans with
accumulated benefit obligations in excess of the fair value of the plan assets were as follows for the years
ended December 31:
Underfunded Accumulated Benefit Obligation
Millions 2011 2010
Projected benefit obligation $ 3,165 $ 2,741
Accumulated benefit obligation $ (3,050) $ (2,663)
Fair value of plan assets 2,505 2,385
Underfunded accumulated benefit obligation $ (545) $ (278)