Kodak 2006 Annual Report Download - page 112

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See Note 1, “Significant Accounting Policies” for information regarding the Company’s adoption of SFAS No. 158 as of December 31, 2006. SFAS No.
158 requires recognition of the overfunded or underfunded status of postretirement benefit plans as an asset or liability. Accordingly, the underfunded
status of the Company’s postretirement benefit plans is recognized as a liability in the Consolidated Statement of Financial Position as of December 31,
2006. Changes in the Company’s benefit obligation and funded status for the U.S., United Kingdom and Canada other postretirement benefit plans are
as follows:
(in millions) 2006 2005
Net benefit obligation at beginning of year $ 3,061 $ 3,270
Service cost 11 14
Interest cost 166 170
Plan participants’ contributions 23 20
Plan amendments (15) —
Actuarial loss (gain) 18 (121)
Curtailments (14) (29)
Benefit payments (247) (260)
Currency adjustments 6 (3)
Net benefit obligation at end of year $ 3,009 $ 3,061
Underfunded status at end of year $ (3,009) $ (3,061)
Unamortized net actuarial loss 968
Unamortized prior service credit (172)
Net amount recognized and recorded at
December 31, 2005 $ (2,265)
Amounts recognized in the Consolidated Statement of Financial Position for the Company’s U.S., United Kingdom, and Canada plans consist of:
(in millions) 2006
Current liabilities $ (253)
Pension and other postretirement liabilities (2,756)
$ (3,009)
Amounts recognized in accumulated other comprehensive loss, as a result of the adoption of SFAS No. 158, for the Company’s U.S., United Kingdom,
and Canada plans consist of:
(in millions) 2006
Prior service credit $ (123)
Net actuarial loss 923
Total $ 800