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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes the total accumulated benefit obligations (ABO), the fair value of plan assets for defined benefit
pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined
benefit pension plans with PBO in excess of plan assets (dollars in millions):
December 31, 2013 December 31, 2012
U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans
ABO.......................................................... $ 71,461 $ 27,069 $ 82,103 $ 28,880
Plans with ABO in excess of plan assets
ABO.......................................................... $ 71,461 $ 25,897 $ 82,103 $ 28,156
Fair value of plan assets .......................................... $ 64,166 $ 13,663 $ 68,085 $ 14,702
Plans with PBO in excess of plan assets
PBO .......................................................... $ 71,480 $ 26,788 $ 82,110 $ 28,537
Fair value of plan assets .......................................... $ 64,166 $ 14,109 $ 68,085 $ 14,704
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to
determine benefit obligations (dollars in millions):
Year Ended December 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011
Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits
U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans
Components of expense
Service cost ............... $ 395 $ 425 $ 24 $ 13 $ 590 $ 411 $ 23 $ 16 $ 632 $ 399 $ 23 $ 30
Interest cost ............... 2,837 1,010 217 57 4,055 1,110 234 63 4,915 1,215 265 186
Expected return on plan
assets .................. (3,562) (823) — — (5,029) (870) — — (6,692) (925) — —
Amortization of prior service
cost (credit) ............. (4) 19 (116) (14) (1) 1 (116) (12) (2) (2) (39) (9)
Recognized net actuarial
loss .................... 6 208 85 6 2 35 52 6 — — 6 —
Curtailments, settlements and
other (gains) losses ....... (77) (6) (62) — 2,580 71 — 11 (23) (7) — (749)
Net periodic pension and
OPEB expense (income) . . . $ (405) $ 833 $ 148 $ 62 $ 2,197 $ 758 $ 193 $ 84 $ (1,170) $ 680 $ 255 $ (542)
Weighted-average
assumptions used to
determine benefit
obligations
Discount rate .............. 4.46% 4.10% 4.52% 4.71% 3.59% 3.70% 3.68% 3.97% 4.15% 4.50% 4.24% 4.37%
Rate of compensation
increase (a) ............. N/A 2.90% N/A 4.21% N/A 2.77% 4.50% 4.21% 4.50% 3.11% 4.50% 4.20%
Weighted-average
assumptions used to
determine net expense
Discount rate .............. 3.59% 3.69% 3.69% 3.97% 4.06% 4.45% 4.24% 4.31% 4.96% 5.16% 5.05% 5.01%
Expected rate of return on plan
assets .................. 5.77% 5.70% N/A N/A 6.18% 6.20% N/A N/A 8.00% 6.50% N/A N/A
Rate of compensation
increase (a) ............. N/A 2.77% 4.50% 4.21% 4.50% 3.15% 4.50% 4.21% 3.96% 3.25% 4.50% 4.42%
(a) As a result of ceasing the accrual of additional benefits for salaried plan participants, the rate of compensation increase does not have a significant effect on our U.S. pension and OPEB
plans.
U.S. pension plan service cost includes administrative expenses of $97 million, $138 million and $138 million in the years ended
December 31, 2013, 2012 and 2011. 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 $31 million and
$28 million in the years ended December 31, 2013 and 2012.
96
2013 ANNUAL REPORT