FCX | PT-FIa | ||||||
2014 | $ | 93 | $ | 21 | |||
2015 | 147 | 12 | |||||
2016 | 99 | 13 | |||||
2017 | 102 | 18 | |||||
2018 | 106 | 21 | |||||
2019 through 2023 | 584 | 194 |
a. | Based on a December 31, 2013, exchange rate of 12,128 Indonesian rupiah to one U.S. dollar. |
December 31, | |||||||
2013 | 2012 | ||||||
Projected benefit obligation | $ | 2,180 | $ | 2,247 | |||
Accumulated benefit obligation | 1,933 | 2,031 | |||||
Fair value of plan assets | 1,490 | 1,443 |
FCX | PT-FI | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation at beginning | |||||||||||||||
of year | $ | 1,954 | $ | 1,791 | $ | 240 | $ | 206 | |||||||
Service cost | 30 | 27 | 20 | 17 | |||||||||||
Interest cost | 77 | 79 | 14 | 14 | |||||||||||
Actuarial (gains) losses | (103 | ) | 142 | 13 | 25 | ||||||||||
Plan amendment | — | — | 33 | — | |||||||||||
Foreign exchange losses (gains) | 1 | 1 | (53 | ) | (13 | ) | |||||||||
Benefits paid | (88 | ) | (86 | ) | (8 | ) | (9 | ) | |||||||
Benefit obligation at end of year | 1,871 | 1,954 | 259 | 240 | |||||||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at | |||||||||||||||
beginning of year | 1,300 | 1,141 | 130 | 107 | |||||||||||
Actual return on plan assets | 112 | 140 | (3 | ) | 12 | ||||||||||
Employer contributionsa | 26 | 105 | 35 | 26 | |||||||||||
Foreign exchange losses | — | — | (30 | ) | (6 | ) | |||||||||
Benefits paid | (88 | ) | (86 | ) | (8 | ) | (9 | ) | |||||||
Fair value of plan assets at end | |||||||||||||||
of year | 1,350 | 1,300 | 124 | 130 | |||||||||||
Funded status | $ | (521 | ) | $ | (654 | ) | $ | (135 | ) | $ | (110 | ) | |||
Accumulated benefit obligation | $ | 1,742 | $ | 1,842 | $ | 141 | $ | 136 | |||||||
Weighted-average assumptions | |||||||||||||||
used to determine benefit obligations: | |||||||||||||||
Discount rate | 5.00 | % | 4.10 | % | 9.00 | % | 6.25 | % | |||||||
Rate of compensation increaseb | 3.75 | % | 3.75 | % | 10.00 | % | 8.00 | % | |||||||
Balance sheet classification of | |||||||||||||||
funded status: | |||||||||||||||
Other assets | $ | 8 | $ | 7 | $ | — | $ | — | |||||||
Accounts payable and | |||||||||||||||
accrued liabilities | (4 | ) | (4 | ) | — | — | |||||||||
Other liabilities | (525 | ) | (657 | ) | (135 | ) | (110 | ) | |||||||
Total | $ | (521 | ) | $ | (654 | ) | $ | (135 | ) | $ | (110 | ) |
a. | Employer contributions for 2014 are expected to approximate $5 million for the FCX plans and $22 million for the PT-FI plan (based on a December 31, 2013, exchange rate of 12,128 Indonesian rupiah to one U.S. dollar). |
b. | The rate of compensation increase shown for the PT-FI plan in 2013 related to non-staff employees (staff employees was 8 percent). |
2013 | 2012 | 2011 | |||||||||
Weighted-average assumptions:a | |||||||||||
Discount rate | 4.10 | % | 4.60 | % | 5.40 | % | |||||
Expected return on plan assets | 7.50 | % | 7.50 | % | 8.00 | % | |||||
Rate of compensation increase | 3.75 | % | 3.75 | % | 3.75 | % | |||||
Service cost | $ | 30 | $ | 27 | $ | 24 | |||||
Interest cost | 77 | 79 | 83 | ||||||||
Expected return on plan assets | (95 | ) | (86 | ) | (86 | ) | |||||
Amortization of prior service cost | — | (1 | ) | (1 | ) | ||||||
Amortization of net actuarial losses | 38 | 33 | 19 | ||||||||
Net periodic benefit cost | $ | 50 | $ | 52 | $ | 39 |
a. | The assumptions shown relate only to the FMC plans. |
2013 | 2012 | 2011 | |||||||||
Weighted-average assumptions: | |||||||||||
Discount rate | 6.25 | % | 7.00 | % | 8.50 | % | |||||
Expected return on plan assets | 7.50 | % | 9.25 | % | 9.25 | % | |||||
Rate of compensation increase | 8.00 | % | 8.00 | % | 8.00 | % | |||||
Service cost | $ | 20 | $ | 17 | $ | 13 | |||||
Interest cost | 14 | 14 | 11 | ||||||||
Expected return on plan assets | (10 | ) | (9 | ) | (9 | ) | |||||
Amortization of prior service cost | — | 1 | 1 | ||||||||
Amortization of net actuarial loss | 8 | 7 | 3 | ||||||||
Net periodic benefit cost | $ | 32 | $ | 30 | $ | 19 |
2013 | 2012 | ||||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 213 | $ | 223 | |||
Service cost | 1 | 1 | |||||
Interest cost | 7 | 9 | |||||
Actuarial (gains) losses | (24 | ) | 2 | ||||
Plan amendments and acquisition | 6 | — | |||||
Benefits paid, net of employee and joint venture partner | |||||||
contributions, and Medicare Part D subsidy | (21 | ) | (22 | ) | |||
Benefit obligation at end of year | 182 | 213 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | — | — | |||||
Employer and joint venture partner contributions | 23 | 25 | |||||
Employee contributions | 11 | 10 | |||||
Benefits paid | (34 | ) | (35 | ) | |||
Fair value of plan assets at end of year | — | — | |||||
Funded status | $ | (182 | ) | $ | (213 | ) | |
Discount rate assumption | 4.30 | % | 3.50 | % | |||
Balance sheet classification of funded status: | |||||||
Accounts payable and accrued liabilities | $ | (19 | ) | $ | (21 | ) | |
Other liabilities | (163 | ) | (192 | ) | |||
Total | $ | (182 | ) | $ | (213 | ) |