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C » Topics » Net Expense (Benefit)

This excerpt taken from the C 10-Q filed May 11, 2009.

Net Expense (Benefit)

 
   Three Months Ended March 31,  
 
   Pension Plans   Postretirement
Benefit Plans 		 
 
   U.S. Plans(1)   Plans Outside U.S.   U.S. Plans   Plans Outside U.S.  
In millions of dollars   2009   2008   2009   2008   2009   2008   2009   2008  

Benefits earned during the period

   $ 6   $ 8   $ 37   $ 51   $ —   $ —   $ 7   $ 7  

Interest cost on benefit obligation

     163     164     70     83     15     15     21     20  

Expected return on plan assets

     (229 )   (233 )   (78 )   (128 )   (2 )   (2 )   (18 )   (28 )

Amortization of unrecognized:

                                                  
 

Net transition obligation

     —     —     —     —     —     —     —     —  
 

Prior service cost (benefit)

     1     (1 )   —     1     —     —     —     —  
 

Net actuarial loss

     —     —     15     9     1     —     4     3  
                                   

Net expense (benefit)

   $ (59 ) $ (62 ) $ 44   $ 16   $ 14   $ 13   $ 14   $ 2  
                                   
(1)
The U.S. plans exclude nonqualified pension plans, for which the net expense was $10 million for both the three months ended March 31, 2009 and 2008.
This excerpt taken from the C 10-Q filed May 2, 2008.

Net Expense (Benefit)

 
   Three Months Ended March 31,
  
 
   Pension Plans
   Postretirement
Benefit Plans
  
 
   U.S. Plans(1)(2)
   Plans Outside U.S.
   U.S. Plans
   Plans Outside U.S.
  
In millions of dollars
  
  2008
   2007
   2008
   2007
   2008
   2007
   2008
   2007
  
Benefits earned during the period   $ 8   $ 67   $ 51   $ 44   $ —   $ 1   $ 7   $ 6  
Interest cost on benefit obligation     164     163     83     74     15     15     20     18  
Expected return on plan assets     (233 )   (222 )   (128 )   (107 )   (2 )   (3 )   (28 )   (24 )
Amortization of unrecognized:                                                  
  Net transition obligation     —     —     —     1     —     —     —     —  
  Prior service cost (benefit)     (1 )   (1 )   1     —     —     (1 )   —     —  
  Net actuarial loss     —     27     9     13     —     1     3     2  
   
 
 
 
 
 
 
 
 
Net expense (benefit)   $ (62 ) $ 34   $ 16   $ 25   $ 13   $ 13   $ 2   $ 2  
   
 
 
 
 
 
 
 
 
(1)
The U.S. plans exclude nonqualified pension plans, for which the net expense was $10 million and $12 million for the three months ended March 31, 2008 and 2007, respectively.

(2)
In 2006, the Company announced that commencing January 1, 2008, the U.S. qualified pension plan would be frozen. Accordingly, effective January 1, 2008 existing plan participants no longer accrue cash balance benefits. However, certain employees still covered under the prior final pay benefit formula will continue to accrue benefits.
This excerpt taken from the C 10-Q filed Nov 3, 2006.

Net Expense (Benefit)

 
   Three Months Ended September 30,
  
 
   Pension Plans
   Postretirement
Benefit Plans(2)
  
 
   U.S. Plans(1)
   Plans Outside U.S.
   U.S. Plans
  
In millions of dollars

   2006
   2005
   2006
   2005
   2006
   2005
  
Benefits earned during the period   $ 60   $ 58   $ 33   $ 43   $ —   $ 1  
Interest cost on benefit obligation     158     149     67     73     16     16  
Expected return on plan assets     (210 )   (201 )   (118 )   (93 )   (4 )   (4 )
Curtailment gain associated with plan amendments     (80 )   —     —     —     —     —  
Amortization of unrecognized:                                      
  Net transition obligation     —     —     1     1     —     —  
  Prior service cost     (2 )   (6 )   —     1     (1 )   (1 )
  Net actuarial loss     52     50     10     27     —     4  
   
 
 
 
 
 
 
Net expense (benefit)   $ (22 ) $ 50   $ (7 ) $ 52   $ 11   $ 16  
   
 
 
 
 
 
 
 
   Nine Months Ended September 30,
  
 
   Pension Plans
   Postretirement
Benefit Plans(2)
  
 
   U.S. Plans(1)
   Plans Outside U.S.
   U.S. Plans
  
In millions of dollars

   2006
   2005
   2006
   2005
   2006
   2005
  
Benefits earned during the period   $ 195   $ 193   $ 121   $ 126   $ 1   $ 2  
Interest cost on benefit obligation     473     449     203     193     46     47  
Expected return on plan assets     (634 )   (605 )   (286 )   (232 )   (10 )   (11 )
Curtailment gain associated with plan amendments     (80 )   —     —     —     —     —  
Amortization of unrecognized:                                      
  Net transition obligation     —     —     1     2     —     —  
  Prior service cost     (14 )   (18 )   1     1     (3 )   (3 )
  Net actuarial loss     139     121     38     54     6     10  
   
 
 
 
 
 
 
Net expense   $ 79   $ 140   $ 78   $ 144   $ 40   $ 45  
   
 
 
 
 
 
 
(1)
The U.S. plans exclude nonqualified pension plans, for which the net expense was $11 million and $15 million for the three months ended September 30, 2006 and 2005, respectively, and $38 million and $37 million during the first nine months of 2006 and 2005, respectively.

(2)
For plans outside the U.S., there was no additional net postretirement expense recorded for the three months ended September 30, 2006. Net postretirement expense was $3 million for the three months ended September 30, 2005 and $12 million and $10 million during the first nine months of 2006 and 2005, respectively.

EXCERPTS ON THIS PAGE:

10-Q
May 11, 2009
10-Q
May 2, 2008
10-Q
Nov 3, 2006

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