General Motors 2010 Annual Report Download - page 204

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Predecessor
January 1, 2009 Through July 9, 2009
U.S. Plans
Pension Benefits
Non-U.S. Plans
Pension Benefits
U.S. Plans
Other Benefits
Non-U.S. Plans
Other Benefits
Change in benefit obligations
Beginning benefit obligation ........................................... $98,135 $ 19,995 $ 39,960 $ 2,930
Service cost ........................................................ 243 155 69 12
Interest cost ........................................................ 3,077 596 1,615 102
Plan participants’ contributions ......................................... — 8 169 —
Amendments ....................................................... (8) (584) (705) (482)
Actuarial (gains) losses ............................................... (260) 959 77 436
Benefits paid ....................................................... (5,319) (769) (2,115) (90)
Medicare Part D receipts .............................................. — — 150 —
Foreign currency translation adjustments ................................. — 856 — 159
Curtailments, settlements, and other ..................................... 1,559 (76) 8 (15)
Ending benefit obligation ............................................. 97,427 21,140 39,228 3,052
Effect of application of fresh-start reporting ............................... 585 252 (11,589) 368
Ending benefit obligation including effect of application of fresh-start reporting . . 98,012 21,392 27,639 3,420
Change in plan assets
Beginning fair value of plan assets ...................................... 84,545 8,086 9,969 —
Actual return on plan assets ............................................ (203) 227 444 —
Employer contributions ............................................... 57 529 1,947 90
Plan participants’ contributions ......................................... — 8 169 —
Benefits paid ....................................................... (5,319) (769) (2,115) (90)
Foreign currency translation adjustments ................................. — 516 — —
Other ............................................................. 41 (197) (10) —
Ending fair value of plan assets ......................................... 79,121 8,400 10,404 —
Effect of application of fresh-start reporting ............................... (628) 216 298 —
Ending fair value of plan assets including effect of application of fresh-start
reporting ........................................................ 78,493 8,616 10,702 —
Ending funded status ................................................. (18,306) (12,740) (28,824) (3,052)
Effect of application of fresh-start reporting ............................... (1,213) (36) 11,887 (368)
Ending funded status including effect of application of fresh-start reporting ...... $(19,519) $(12,776) $(16,937) $(3,420)
Amounts recorded in the consolidated balance sheet
Non-current assets ................................................... $ — $ 97 $ — $ —
Current liability ..................................................... (74) (339) (1,809) (147)
Non-current liability ................................................. (19,445) (12,534) (15,128) (3,273)
Net amount recorded ................................................. $(19,519) $(12,776) $(16,937) $(3,420)
Amounts recorded in Accumulated other comprehensive income (loss)
Net actuarial loss .................................................... $(38,007) $ (7,387) $ (1,631) $(1,005)
Net prior service credit (cost) .......................................... (1,644) 754 5,028 860
Transition obligation ................................................. — (7) — —
Total recorded in Accumulated other comprehensive income (loss) ............ (39,651) (6,640) 3,397 (145)
Effect of application of fresh-start reporting ............................... 39,651 6,640 (3,397) 145
Total recorded in Accumulated other comprehensive income (loss) ............ $ — $ — $ — $ —
In the year ended December 31, 2010 we experienced actual return on plan assets on our U.S. pension plan assets of $11.6 billion
compared to expected returns of $6.6 billion that were recognized as a component of our net pension expense. As a result of the U.S.
hourly defined benefit pension plan interim remeasurement, a portion of the effect of the actual plan asset gains was recognized in the
market-related value of plan assets during the remainder of the period subsequent to the interim remeasurement. The market related
value of plan assets used in the calculation of expected return on pension plan assets at December 31, 2010 is $4.1 billion lower than
202 General Motors Company 2010 Annual Report