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Projected Benefit Obligation
The present value of all the benefits earned by employees, according to their pension plan up to the measurement date.
Amortization of Prior Service Cost
The process of gradually recognizing the costs of benefits earned by employees in earlier periods in the pension expense over the service life of the employees.
Settlement/Discount Rate
The interest rate used in calculating the present value of future cash flows or the rate at which a financial transaction is settled less than its original value.
Statutory Depletion
A tax deduction method that allows an owner of natural resources to account for the reduction of reserves as a product is produced and sold.
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