General Motors 2012 Annual Report Download - page 132
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Year Ended December 31, 2011
Pension Benefits Other Benefits
U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans
Components of expense
Service cost ....................................................... $ 632 $ 399 $ 23 $ 30
Interest cost ....................................................... 4,915 1,215 265 186
Expected return on plan assets ........................................ (6,692) (925) — —
Amortization of prior service credit .................................... (2) (2) (39) (9)
Recognized net actuarial loss ......................................... — — 6 —
Curtailments, settlements and other gains ................................ (23) (7) — (749)
Net periodic pension and OPEB (income) expense ........................ $(1,170) $ 680 $ 255 $ (542)
Weighted-average assumptions used to determine benefit obligations
Discount rate ...................................................... 4.15% 4.50% 4.24% 4.37%
Rate of compensation increase ........................................ 4.50% 3.11% 4.50% 4.20%
Weighted-average assumptions used to determine net expense
Discount rate ...................................................... 4.96% 5.16% 5.05% 5.01%
Expected return on plan assets ........................................ 8.00% 6.50% N/A N/A
Rate of compensation increase ........................................ 3.96% 3.25% 4.50% 4.42%
Year Ended December 31, 2010
Pension Benefits Other Benefits
U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans
Components of expense
Service cost ....................................................... $ 548 $ 386 $ 21 $ 32
Interest cost ....................................................... 5,275 1,187 288 200
Expected return on plan assets ........................................ (6,611) (987) — —
Amortization of prior service cost (credit) ............................... (1) (1) 3 (9)
Recognized net actuarial loss ......................................... — 21 — —
Curtailments, settlements, and other losses ............................... — 60 — —
Net periodic pension and OPEB (income) expense ........................ $ (789) $ 666 $ 312 $ 223
Weighted-average assumptions used to determine benefit obligations
Discount rate ...................................................... 4.96% 5.09% 5.07% 4.97%
Rate of compensation increase ........................................ 3.96% 3.25% 1.41% 4.33%
Weighted-average assumptions used to determine net expense
Discount rate ...................................................... 5.36% 5.19% 5.57% 5.22%
Expected return on plan assets ........................................ 8.48% 7.42% 8.50% N/A
Rate of compensation increase ........................................ 3.94% 3.25% 1.48% 4.45%
U.S. pension plan service cost includes administrative expenses of $138 million, $138 million and $97 million for the years ended
December 31, 2012, 2011 and 2010. Weighted-average assumptions used to determine net expense are determined at the beginning of
the period and updated for remeasurements.
Non-U.S. pension plan service cost includes administrative expenses of $28 million for the year ended December 31, 2012.
General Motors Company 2012 ANNUAL REPORT 129