Edgar Filing: EXXON MOBIL CORP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to________

Commission File Number 1-2256

EXXON MOBIL CORPORATION

(Exact name of registrant as specified in its charter)

NEW JERSEY		13-5409005
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298

(Address of principal executive offices) (Zip Code)

(972) 444-1000

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class		Outstanding as of September 30, 2014
Common stock, without par value		4,234,528,643

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2014

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Condensed Consolidated Statement of Income Three and nine months ended September 30, 2014 and 2013	3
Condensed Consolidated Statement of Comprehensive Income Three and nine months ended September 30, 2014 and 2013	4
Condensed Consolidated Balance Sheet As of September 30, 2014 and December 31, 2013	5

Condensed Consolidated Statement of Cash Flows Nine months ended September 30, 2014 and 2013	6
Condensed Consolidated Statement of Changes in Equity Nine months ended September 30, 2014 and 2013	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures About Market Risk	20
Item 4. Controls and Procedures	20

PART II. OTHER INFORMATION
Item 1. Legal Proceedings	21
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 6. Exhibits	22
Signature	23
Index to Exhibits	24

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)

			Three Months Ended		Nine Months Ended
			September 30,		September 30,
			2014	2013	2014	2013
Revenues and other income
	Sales and other operating revenue (1)		103,566	108,390	311,484	314,818
	Income from equity affiliates		3,211	3,444	10,631	10,960
	Other income		713	538	3,795	1,617
		Total revenues and other income	107,490	112,372	325,910	327,395
Costs and other deductions
	Crude oil and product purchases		60,428	63,961	181,391	183,088
	Production and manufacturing expenses		9,951	9,842	30,517	29,856
	Selling, general and administrative expenses		3,169	3,150	9,470	9,536
	Depreciation and depletion		4,362	4,287	12,839	12,802
	Exploration expenses, including dry holes		319	486	1,132	1,385
	Interest expense		88	52	218	161
	Sales-based taxes (1)		7,519	7,882	22,806	22,926
	Other taxes and duties		8,244	8,523	24,749	24,646
		Total costs and other deductions	94,080	98,183	283,122	284,400
Income before income taxes			13,410	14,189	42,788	42,995
	Income taxes		5,064	6,120	15,955	18,190
Net income including noncontrolling interests			8,346	8,069	26,833	24,805
	Net income attributable to noncontrolling interests		276	199	883	575
Net income attributable to ExxonMobil			8,070	7,870	25,950	24,230


Earnings per common share (dollars)			1.89	1.79	6.04	5.46

Earnings per common share - assuming dilution (dollars)			1.89	1.79	6.04	5.46


Dividends per common share (dollars)			0.69	0.63	2.01	1.83


(1) Sales-based taxes included in sales and other
		operating revenue	7,519	7,882	22,806	22,926

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions of dollars)

				Three Months Ended		Nine Months Ended
				September 30,		September 30,
				2014	2013	2014	2013

Net income including noncontrolling interests				8,346	8,069	26,833	24,805
Other comprehensive income (net of income taxes)
	Foreign exchange translation adjustment			(3,828)	1,229	(2,986)	(2,317)
	Adjustment for foreign exchange translation (gain)/loss
			included in net income	-	-	163	-
	Postretirement benefits reserves adjustment
			(excluding amortization)	372	(222)	196	(58)
	Amortization and settlement of postretirement benefits reserves
			adjustment included in net periodic benefit costs	289	455	918	1,353
	Unrealized change in fair value of stock investments			(21)	-	(57)	-
		Total other comprehensive income		(3,188)	1,462	(1,766)	(1,022)
Comprehensive income including noncontrolling interests				5,158	9,531	25,067	23,783
	Comprehensive income attributable to
			noncontrolling interests	(27)	331	588	420
Comprehensive income attributable to ExxonMobil				5,185	9,200	24,479	23,363

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(millions of dollars)

				Sept. 30,	Dec. 31,
				2014	2013
Assets
	Current assets
		Cash and cash equivalents		4,962	4,644
		Cash and cash equivalents – restricted		52	269
		Notes and accounts receivable – net		30,963	33,152
		Inventories
			Crude oil, products and merchandise	13,441	12,117
			Materials and supplies	4,320	4,018
		Other current assets		4,857	5,108
			Total current assets	58,595	59,308
	Investments, advances and long-term receivables			35,012	36,328
	Property, plant and equipment – net			251,406	243,650
	Other assets, including intangibles – net			7,751	7,522
			Total assets	352,764	346,808

Liabilities
	Current liabilities
		Notes and loans payable		10,243	15,808
		Accounts payable and accrued liabilities		49,272	48,085
		Income taxes payable		6,469	7,831
			Total current liabilities	65,984	71,724
	Long-term debt			11,591	6,891
	Postretirement benefits reserves			19,268	20,646
	Deferred income tax liabilities			41,132	40,530
	Long-term obligations to equity companies			5,132	4,742
	Other long-term obligations			22,162	21,780
			Total liabilities	165,269	166,313

Commitments and contingencies (Note 2)

Equity
	Common stock without par value
		(9,000 million shares authorized, 8,019 million shares issued)		10,681	10,077
	Earnings reinvested			404,738	387,432
	Accumulated other comprehensive income			(12,196)	(10,725)
	Common stock held in treasury
		(3,784 million shares at Sept. 30, 2014 and
		3,684 million shares at Dec. 31, 2013)		(222,636)	(212,781)
			ExxonMobil share of equity	180,587	174,003
	Noncontrolling interests			6,908	6,492
			Total equity	187,495	180,495
			Total liabilities and equity	352,764	346,808

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(millions of dollars)

				Nine Months Ended
				September 30,
				2014	2013
Cash flows from operating activities
	Net income including noncontrolling interests			26,833	24,805
	Depreciation and depletion			12,839	12,802
	Changes in operational working capital, excluding cash and debt			(460)	(2,676)
	All other items – net			(1,511)	(225)
			Net cash provided by operating activities	37,701	34,706

Cash flows from investing activities
	Additions to property, plant and equipment			(24,068)	(25,243)
	Proceeds associated with sales of subsidiaries, property, plant and
		equipment, and sales and returns of investments		3,794	871
	Additional investments and advances			(1,269)	(3,644)
	Other investing activities – net			3,415	527
			Net cash used in investing activities	(18,128)	(27,489)

Cash flows from financing activities
	Additions to long-term debt			5,503	206
	Additions/(reductions) in short-term debt – net			(514)	(386)
	Additions/(reductions) in debt with three months or less maturity			(5,413)	9,869
	Cash dividends to ExxonMobil shareholders			(8,644)	(8,125)
	Cash dividends to noncontrolling interests			(172)	(225)
	Changes in noncontrolling interests			-	(1)
	Tax benefits related to stock-based awards			10	14
	Common stock acquired			(9,865)	(12,696)
	Common stock sold			10	46
			Net cash used in financing activities	(19,085)	(11,298)
Effects of exchange rate changes on cash				(170)	(191)
Increase/(decrease) in cash and cash equivalents				318	(4,272)
Cash and cash equivalents at beginning of period				4,644	9,582
Cash and cash equivalents at end of period				4,962	5,310

Supplemental Disclosures
	Income taxes paid			14,338	19,871
	Cash interest paid			295	318

Non-Cash Transaction

In the third quarter of 2014, ExxonMobil completed an asset exchange, primarily a noncash transaction, of approximately $600 million. This amount is not included in the “Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments” or the “Additions to property, plant and equipment” lines on the Statement of Cash Flows.

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

	EXXON MOBIL CORPORATION
	CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	(millions of dollars)

			ExxonMobil Share of Equity
							Accumulated
								Other		Common
								Compre-		Stock		ExxonMobil		Non-
			Common		Earnings			hensive		Held in		Share of		controlling		Total
			Stock		Reinvested			Income		Treasury		Equity		Interests		Equity

Balance as of December 31, 2012				9,653		365,727			(12,184)		(197,333)		165,863		5,797		171,660
	Amortization of stock-based awards			593		-			-		-		593		-		593
	Tax benefits related to stock-based
		awards		200		-			-		-		200		-		200
	Other			(384)		-			-		-		(384)		242		(142)
	Net income for the period			-		24,230			-		-		24,230		575		24,805
	Dividends – common shares			-		(8,125)			-		-		(8,125)		(225)		(8,350)
	Other comprehensive income			-		-			(867)		-		(867)		(155)		(1,022)
	Acquisitions, at cost			-		-			-		(12,696)		(12,696)		(1)		(12,697)
	Dispositions			-		-			-		431		431		-		431
Balance as of September 30, 2013				10,062		381,832			(13,051)		(209,598)		169,245		6,233		175,478

Balance as of December 31, 2013				10,077		387,432			(10,725)		(212,781)		174,003		6,492		180,495
	Amortization of stock-based awards			588		-			-		-		588		-		588
	Tax benefits related to stock-based
		awards		10		-			-		-		10		-		10
	Other			6		-			-		-		6		-		6
	Net income for the period			-		25,950			-		-		25,950		883		26,833
	Dividends – common shares			-		(8,644)			-		-		(8,644)		(172)		(8,816)
	Other comprehensive income			-		-			(1,471)		-		(1,471)		(295)		(1,766)
	Acquisitions, at cost			-		-			-		(9,865)		(9,865)		-		(9,865)
	Dispositions			-		-			-		10		10		-		10
Balance as of September 30, 2014				10,681		404,738			(12,196)		(222,636)		180,587		6,908		187,495



			Nine Months Ended September 30, 2014									Nine Months Ended September 30, 2013
					Held in									Held in
	Common Stock Share Activity		Issued		Treasury			Outstanding				Issued		Treasury		Outstanding
			(millions of shares)									(millions of shares)

	Balance as of December 31			8,019		(3,684)			4,335				8,019		(3,517)		4,502
		Acquisitions		-		(100)			(100)				-		(141)		(141)
		Dispositions		-		-			-				-		8		8
	Balance as of September 30			8,019		(3,784)			4,235				8,019		(3,650)		4,369

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.

EXXON MOBIL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Financial Statement Preparation

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2013 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

2. Litigation and Other Contingencies

Litigation

A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.

Other Contingencies

The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2014, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

As of September 30, 2014

Equity

Other

Company

Third Party

Obligations (1)

Obligations

Total

(millions of dollars)

Guarantees

Debt-related

3,398

3,442

Other

3,267

4,273

7,540

Total

6,665

4,317

10,982

(1) ExxonMobil share

Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition. The Corporation's outstanding unconditional purchase obligations at September 30, 2014, were similar to those at the prior year-end period. Unconditional purchase obligations as defined by accounting standards are those long-term commitments that are noncancelable or cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services.

The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.

In accordance with a nationalization decree issued by Venezuela’s president in February 2007, by May 1, 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. This Project had been operated and owned by ExxonMobil affiliates holding a 41.67 percent ownership interest in the Project. The decree also required conversion of the Cerro Negro Project into a “mixed enterprise” and an increase in PdVSA’s or one of its affiliate’s ownership interest in the Project, with the stipulation that if ExxonMobil refused to accept the terms for the formation of the mixed enterprise within a specified period of time, the government would “directly assume the activities” carried out by the joint venture. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro Project. ExxonMobil’s remaining net book investment in Cerro Negro producing assets is about $750 million.

On September 6, 2007, affiliates of ExxonMobil filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) invoking ICSID jurisdiction under Venezuela’s Investment Law and the Netherlands-Venezuela Bilateral Investment Treaty. The ICSID Tribunal issued a decision on June 10, 2010, finding that it had jurisdiction to proceed on the basis of the Netherlands-Venezuela Bilateral Investment Treaty. On October 9, 2014, the ICSID Tribunal issued its final award finding in favor of the ExxonMobil affiliates and awarding $1.6 billion as of the date of expropriation, June 27, 2007, and interest from that date at 3.25% compounded annually until the date of payment in full. The Tribunal also noted that one of the Cerro Negro Project agreements provides a mechanism to prevent double recovery between the ICISD award and all or part of an earlier award of $908 million to an ExxonMobil affiliate, Mobil Cerro Negro, Ltd., against PdVSA and a PdVSA affiliate, PdVSA CN, in an arbitration under the rules of the International Chamber of Commerce (ICC). Judgment was entered on the ICSID award by the United States District Court for the Southern District of New York on October 10, 2014. A motion to vacate that judgment on procedural grounds was filed by the Republic of Venezuela on October 14, 2014, and is pending before the court. On October 23, 2014, the Republic of Venezuela filed with ICSID an application to revise the ICSID award such that it requires repayment of the value of the ICC award to PdVSA at the same time as payment is made to the ExxonMobil affiliates for the ICSID award and that provision be made for interest on the amount to be repaid. Thereafter, pursuant to ICSID arbitration rules, the ICSID award was stayed pending further action of the Tribunal. On October 27, 2014, ExxonMobil filed a response with ICSID that contests the application for revision of that award on both factual and jurisdictional grounds. The ICSID award has yet to be satisfied and proceedings concerning the award remain pending and so the net impact of these matters on the Corporation’s consolidated financial results cannot be reasonably estimated. Regardless, the Corporation does not expect the resolution to have a material effect upon the Corporation’s operations or financial condition.

An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors have appealed that judgment. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition.

3. Other Comprehensive Income Information

			Cumulative	Post-
			Foreign	retirement	Unrealized
			Exchange	Benefits	Change in
ExxonMobil Share of Accumulated Other			Translation	Reserves	Stock
Comprehensive Income			Adjustment	Adjustment	Investments	Total
		(millions of dollars)

Balance as of December 31, 2012			2,410	(14,594)	-	(12,184)
Current period change excluding amounts reclassified
	from accumulated other comprehensive income		(2,118)	(52)	-	(2,170)
Amounts reclassified from accumulated other
	comprehensive income		-	1,303	-	1,303
Total change in accumulated other comprehensive income			(2,118)	1,251	-	(867)
Balance as of September 30, 2013			292	(13,343)	-	(13,051)

Balance as of December 31, 2013			(846)	(9,879)	-	(10,725)
Current period change excluding amounts reclassified
	from accumulated other comprehensive income		(2,637)	176	(57)	(2,518)
Amounts reclassified from accumulated other
	comprehensive income		163	884	-	1,047
Total change in accumulated other comprehensive income			(2,474)	1,060	(57)	(1,471)
Balance as of September 30, 2014			(3,320)	(8,819)	(57)	(12,196)

Three Months Ended

Nine Months Ended

Amounts Reclassified Out of Accumulated Other

September 30,

Comprehensive Income - Before-tax Income/(Expense)

2014

2013

2014

2013

(millions of dollars)

Foreign exchange translation gain/(loss) included in net income

(Statement of Income line: Other income)

(163)

Amortization and settlement of postretirement benefits reserves

adjustment included in net periodic benefit costs (1)

(430)

(648)

(1,315)

(1,951)

(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 5 – Pension and Other Postretirement Benefits for additional details.)

			Three Months Ended		Nine Months Ended
Income Tax (Expense)/Credit For			September 30,		September 30,
Components of Other Comprehensive Income			2014	2013	2014	2013
		(millions of dollars)

Foreign exchange translation adjustment			70	(16)	99	100
Postretirement benefits reserves adjustment
	(excluding amortization)		(138)	85	(61)	28
Amortization and settlement of postretirement benefits reserves
	adjustment included in net periodic benefit costs		(141)	(193)	(397)	(598)
Unrealized change in fair value of stock investments			11	-	30	-
Total			(198)	(124)	(329)	(470)

4. Earnings Per Share

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2014	2013	2014	2013

Earnings per common share
Net income attributable to ExxonMobil (millions of dollars)		8,070	7,870	25,950	24,230

Weighted average number of common shares
	outstanding (millions of shares)	4,267	4,395	4,297	4,438

Earnings per common share (dollars) (1)		1.89	1.79	6.04	5.46

(1) The calculation of earnings per common share and earnings per common share – assuming dilution are the same in each period shown.

5. Pension and Other Postretirement Benefits

					Three Months Ended		Nine Months Ended
					September 30,		September 30,
					2014	2013	2014	2013

				(millions of dollars)
Components of net benefit cost
	Pension Benefits - U.S.
		Service cost			156	206	515	581
		Interest cost			202	188	605	562
		Expected return on plan assets			(200)	(209)	(600)	(626)
		Amortization of actuarial loss/(gain) and prior
			service cost		105	165	313	493
		Net pension enhancement and
			curtailment/settlement cost		113	182	338	546
		Net benefit cost			376	532	1,171	1,556

	Pension Benefits - Non-U.S.
		Service cost			144	170	448	521
		Interest cost			285	265	859	803
		Expected return on plan assets			(300)	(278)	(899)	(841)
		Amortization of actuarial loss/(gain) and prior
			service cost		183	239	564	724
		Net pension enhancement and
			curtailment/settlement cost		-	1	-	2
		Net benefit cost			312	397	972	1,209

	Other Postretirement Benefits
		Service cost			32	44	107	123
		Interest cost			89	87	293	264
		Expected return on plan assets			(9)	(10)	(29)	(30)
		Amortization of actuarial loss/(gain) and prior
			service cost		29	61	100	186
		Net benefit cost			141	182	471	543

6. Financial Instruments