AGL RESOURCES INC | 2013 | FY | 3


   

Pension plans

   

Welfare plans

 

Dollars in millions

 

2013

   

2012

   

2013

   

2012

 

Change in plan assets

                               

Fair value of plan assets, January 1,

  $ 837     $ 754     $ 77     $ 67  

Actual return on plan assets

    134       101       16       10  

Employee contributions

    -       -       3       1  

Employer contributions

    1       42       19       17  

Benefits paid

    (65 )     (59 )     (23 )     (19 )

Medicare Part D reimbursements

    -       -       1       1  

Plan curtailment and settlements

    -       (1 )     -       -  

Fair value of plan assets, December 31,

  $ 907     $ 837     $ 93     $ 77  

Change in benefit obligation

                               

Benefit obligation, January 1,

  $ 1,046     $ 968     $ 354     $ 397  

Service cost

    29       28       3       4  

Interest cost

    43       44       14       17  

Actuarial loss (gain)

    (93 )     66       (26 )     (22 )

Plan amendments

    -       -       -       (25 )

Medicare Part D reimbursements

    -       -       1       1  

Benefits paid

    (65 )     (59 )     (23 )     (19 )

Employee contributions

    -       -       3       1  

Plan curtailment and settlements

    -       (1 )     -       -  

Benefit obligation, December 31,

  $ 960     $ 1,046     $ 326     $ 354  

Funded status at end of year

  $ (53 )   $ (209 )   $ (233 )   $ (277 )

Amounts recognized in the Consolidated Statements of Financial Position consist of

                               

Long-term asset

  $ 117     $ 33     $ -     $ -  

Current liability

    (2 )     (2 )     -       (12 )

Long-term liability

    (168 )     (240 )     (233 )     (265 )

Total liability at December 31,

  $ (53 )   $ (209 )   $ (233 )   $ (277 )

Accumulated benefit obligation (1)

  $ 902     $ 983    

n/a

   

n/a

 

Assumptions used to determine benefit obligations

                               

Discount rate

    5.0 %     4.2 %     4.7 %     4.0 %

Rate of compensation increase

    3.7 %     3.7 %     3.7 %     3.7 %

Pension band increase (2)

    2.0 %     2.0 %  

n/a

   

n/a

 

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