Pizza Hut 2008 Annual Report Download - page 208
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86
The funding rules for our pension plans outside of the U.S. vary from country to country and depend on many factors
including discount rates, performance of plan assets, local laws and regulations. The projected benefit obligation of our
pension plans in the U.K. exceeded plan assets by $43 million at our 2008 measurement date. We have committed to
make a discretionary funding contribution of approximately $5 million in 2009 to one of these plans. The plans are
currently under review to determine if additional discretionary pension funding payments will be committed to in 2009.
We do not anticipate any plan assets being returned to the Company during 2009 for any plans.
Components of net periodic benefit cost:
U.S. Pension Plans International Pension Plans(d)
Net periodic benefit cost 2008 2007 2006 2008 2007 2006
Service cost $ 30 $ 33 $ 34 $ 8 $ 9 $ 5
Interest cost 53 50 46 8 8 4
Amortization of prior service cost(a)
—
1 3
—
—
—
Expected return on plan assets (53) (51) (47) (9) (9) (4)
Amortization of net loss 6 23 30
—
1 1
Net periodic benefit cost $ 36 $ 56 $ 66 $ 7 $ 9 $ 6
Additional loss recognized due to:
Settlement(b) $ 2 $
—
$
—
$
—
$— $
—
Special termination benefits(c) $ 13 $
—
$
—
$
—
$— $
—
Pension losses in accumulated other comprehensive income (loss):
U.S. Pension Plans International Pension Plans
2008 2007 2008 2007
Beginning of year $ 80 $ 216 $ 13 $ 31
Net actuarial loss 301 (116) 40 (17)
Amortization of net loss (6 ) (23)
—
(1)
Settlements (1 )
—
—
—
Prior service cost
—
4
—
—
Amortization of prior service cost
—
(1)
—
—
Exchange rate changes
—
—
(12)
—
End of year $ 374 $80 $41 $13
(a) Prior service costs are amortized on a straight-line basis over the average remaining service period of employees
expected to receive benefits.
(b) Settlement loss results from benefit payments from a non-funded plan exceeding the sum of the service cost and
interest cost for that plan during the year.
(c) Special termination benefits primarily related to the U.S. business transformation measures taken in 2008.
(d) Excludes pension expense for the Pizza Hut U.K. pension plan of $4 million in 2006 related to periods prior to
our acquisition of the remaining fifty percent interest in the unconsolidated affiliate.
Form 10-K