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MRO » Topics » 6. Defined Benefit Postretirement Plans

This excerpt taken from the MRO 8-K filed Sep 7, 2007.

6.     Defined Benefit Postretirement Plans

    The following summarizes the components of net periodic benefit cost:

 
    
   First Quarter Ended March 31,
  
 
    
   Pension Benefits
   Other Benefits
  
 
   (In millions)
   2007
   2006
   2007
   2006
  
 
    Service cost   $ 33   $ 34   $ 5   $ 6  
    Interest cost     34     32     11     10  
    Expected return on plan assets     (38 )   (26 )   –     –  
    Amortization:                          
        – prior service cost (credit)     3     1     (2 )   (3 )
        – actuarial loss     5     13     2     2  
       
 
 
 
 
    Net periodic benefit cost   $ 37   $ 54   $ 16   $ 15  
 

    During the first quarter of 2007, Marathon made contributions of $40 million to its international funded pension plans. Marathon expects to make additional contributions of approximately $10 million to its funded pension plans over the remainder of 2007. Contributions made from the general assets of Marathon to cover current benefit payments related to unfunded pension and other postretirement benefit plans were $2 million and $7 million during the first quarter of 2007.

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