BP Annual Report and Form 20-F 2011 - Company Reporting

Parent company financial statements of BP p.l.c.6. Pensions continued$ million2011 2010Represented byAsset recognized – 2,069Liability recognized (2,088) (199)(2,088) 1,870The surplus (deficit) may be analysed between funded and unfunded plans as followsFunded (1,852) 2,064Unfunded (236) (194)(2,088) 1,870The defined benefit obligation may be analysed between funded and unfunded plans as followsFunded a (25,439) (20,548)Unfunded (236) (194)(25,675) (20,742)aReflects $25,324 million of liabilities of the BP Pension Fund (2010 $20,448 million), $78 million of liabilities of the BP Global Pension Trust (2010 $67 million) and $37 million of liabilities representing thecompany’s share of the multi-employer Merchant Navy Officers Pension Fund (2010 $33 million).$ million2011 2010Reconciliation of plan surplus (deficit) to balance sheetSurplus (deficit) at 31 December (2,088) 1,870Deferred tax – (480)(2,088) 1,390Represented byAsset recognized on balance sheet – 1,537Liability recognized on balance sheet (2,088) (147)(2,088) 1,390The aggregate level of employer contributions into the BP Pension Fund in 2012 is expected to be $492 million.$ million2011 2010 2009 2008 2007History of surplus and of experience gains and lossesBenefit obligation at 31 December 25,675 20,742 19,882 15,414 22,146Fair value of plan assets at 31 December 23,587 22,612 20,953 16,930 29,411Surplus (deficit) (2,088) 1,870 1,071 1,516 7,265Experience gains and losses on plan liabilitiesAmount ($ million) (84) 12 (146) (65) (155)Percentage of benefit obligation 0% 0% (1)% 0% (1)%Actual return less expected return on pension plan assetsAmount ($ million) (1,976) 1,479 1,634 (6,533) 404Percentage of plan assets (8)% 7% 8% (39)% 1%Actuarial (loss) gain recognized in statement of total recognized gains and lossesAmount ($ million) (4,770) 457 (585) (5,122) 698Percentage of benefit obligation (19)% 2% (3)% (33)% 3%Cumulative amount recognized in statement of total recognized gains and losses (6,005) (1,235) (1,692) (1,107) 4,015Financial statementsThe parent company financial statements of BP p.l.c. on pages PC1 – PC14 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.BP Annual Report and Form 20-F 2011 PC9