Page 120

APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2015, 2014, and 2013, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. Apache uses a measurement date of December 31 for its pension and postretirement benefit plans. 2015 2014 2013 Pension Postretirement Pension Postretirement Pension Postretirement Benefits Benefits Benefits Benefits Benefits Benefits (In millions)

Change in Projected Benefit Obligation Projected benefit obligation beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Service cost . . . . . . . . . . . . . . . . . . . . . . . . . Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . Foreign currency exchange rate changes . . Actuarial losses (gains) . . . . . . . . . . . . . . . . Effect of curtailment and settlements . . . . . Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . Retiree contributions . . . . . . . . . . . . . . . . . Projected benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Change in Plan Assets Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Actual return on plan assets . . . . . . . . . . . . Foreign currency exchange rates . . . . . . . . Employer contributions . . . . . . . . . . . . . . . Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . Retiree contributions . . . . . . . . . . . . . . . . . Fair value of plan assets at end of year . . . .

216 $ 5 8 (10) (10) (7) -

23 $ 2 1 1 (2) 1

189 $ 5 9 (13) 31 (5) -

28 $ 3 1 (9) (2) 1

177 $ 5 7 4 (4) -

35 4 1 (8) (3) (2) 1

202

26

216

22

189

28

206 1 (10) 7 (7) -

1 (2) 1

191 25 (13) 8 (5) -

1 (2) 1

170 15 4 6 (4) -

1 (2) 1

197

-

206

-

191

-

Funded status at end of year . . . . . . . . . . . . $

(5) $

(26) $

(10) $

(22) $

2

Amounts recognized in Consolidated Balance Sheet Current liability . . . . . . . . . . . . . . . . . . . . . Non-current asset (liability) . . . . . . . . . . . .

(5)

(2) (24)

(10)

(1) (21)

2

(5) $

(26) $

(10) $

(22) $

2

$ Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Accumulated gain (loss) . . . . . . . . . . . . . . . $ Weighted Average Assumptions used as of December 31 Discount rate . . . . . . . . . . . . . . . . . . . . . . . . Salary increases . . . . . . . . . . . . . . . . . . . . . Expected return on assets . . . . . . . . . . . . . . Healthcare cost trend Initial . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ultimate in 2025 . . . . . . . . . . . . . . . . . . .

$

(28)

(1) (27) $

(28)

(32)

9

(37)

10

(22)

1

(32) $

9 $

(37) $

10 $

(22) $

1

3.90% 4.60% 4.10%

3.95% N/A N/A

3.70% 4.60% 3.90%

3.62% N/A N/A

4.60% 4.90% 5.60%

4.33% N/A N/A

N/A N/A

7.00% 5.00%

N/A N/A

7.00% 5.00%

N/A N/A

7.00% 5.00%

F-38

Apache 2015 Summary Annual Report  

Adapting to a changing environment

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