US BANCORP \DE\ | 2013 | FY | 3


The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans:

 

    Pension Plans             Postretirement
Welfare Plan
 
(Dollars in Millions)   2013      2012             2013      2012  

Change In Projected Benefit Obligation

                

Benefit obligation at beginning of measurement period

  $ 4,096       $ 3,261             $ 142       $ 170   

Service cost

    168         129               3         5   

Interest cost

    170         168               4         7   

Participants’ contributions

                          10         10   

Plan amendments

                          (35        

Actuarial loss (gain)

    (388      681               (2      (26

Lump sum settlements

    (34      (33                      

Benefit payments

    (117      (110            (24      (26

Federal subsidy on benefits paid

                          2         2   

Benefit obligation at end of measurement period (a)

  $ 3,895       $ 4,096             $ 100       $ 142   

Change In Fair Value Of Plan Assets

                

Fair value at beginning of measurement period

  $ 2,321       $ 2,103             $ 105       $ 120   

Actual return on plan assets

    343         305                         

Employer contributions

    318         56               1         1   

Participants’ contributions

                          10         10   

Lump sum settlements

    (34      (33                      

Benefit payments

    (117      (110            (24      (26

Fair value at end of measurement period

  $ 2,831       $ 2,321             $ 92       $ 105   

Funded (Unfunded) Status

  $ (1,064    $ (1,775          $ (8    $ (37

Components Of The Consolidated Balance Sheet

                

Current benefit liability

  $ (20    $ (23          $       $   

Noncurrent benefit liability

    (1,044      (1,752            (8      (37

Recognized amount

  $ (1,064    $ (1,775          $ (8    $ (37

Accumulated Other Comprehensive Income (Loss), Pretax

                

Net actuarial gain (loss)

  $ (1,333    $ (2,152          $ 75       $ 84   

Net prior service credit (cost)

    16         21               34           

Recognized amount

  $ (1,317    $ (2,131          $ 109       $ 84   

 

(a) At December 31, 2013 and 2012, the accumulated benefit obligation for all pension plans was $3.6 billion and $3.8 billion, respectively.

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