Kodak 2007 Annual Report Download - page 82
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81
The following pension benefit payments, which reflect expected future service, are expected to be paid:
(in millions) U.S. Non-U.S.
2008 $ 470 $ 257
2009 431 245
2010 431 240
2011 417 236
2012 413 235
2013-2017 2,021 1,152
NOTE 19: OTHER POSTRETIREMENT BENEFITS
The Company provides healthcare, dental and life insurance benefits to U.S. eligible retirees and eligible survivors of retirees. Generally, to be eligible for
the plan, individuals retiring prior to January 1, 1996 were required to be 55 years of age with ten years of service or their age plus years of service must
have equaled or exceeded 75. For those retiring after December 31, 1995, the individuals must be 55 years of age with ten years of service or have been
eligible as of December 31, 1995. Based on the eligibility requirements, these benefits are provided to U.S. retirees who are covered by the Company’s
KRIP plan and are funded from the general assets of the Company as they are incurred. However, those under the Cash Balance Plus portion of the KRIP
plan would be required to pay the full cost of their benefits under the plan. The Company’s subsidiaries in the United Kingdom and Canada offer similar
healthcare benefits.
The measurement date used to determine the net benefit obligation for the Company’s other postretirement benefit plans is December 31.
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) 2007 2006
Net benefit obligation at beginning of year $ 3,009 $ 3,061
Service cost 8 11
Interest cost 165 166
Plan participants’ contributions 25 23
Plan amendments (88) (15)
Actuarial (gain) loss (317) 18
Curtailments (9) (14)
Settlements (37) —
Benefit payments (243) (247)
Currency adjustments 11 6
Net benefit obligation at end of year $ 2,524 $ 3,009
Underfunded status at end of year $ (2,524) $ (3,009)
Amounts recognized in the Consolidated Statement of Financial Position for the Company’s U.S., United Kingdom, and Canada plans consist of:
As of December 31,
(in millions) 2007 2006
Current liabilities $ (209) $ (253)
Pension and other postretirement liabilities (2,315) (2,756)
Total $ (2,524) $ (3,009)