United Airlines 2008 Annual Report Download - page 117
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Consolidated Financial Position for the defined benefit and other postretirement plans (“Other
Benefits”):
(In millions) 2008 2007 2008 2007
Year Ended
December 31,
Year Ended
December 31,
Pension Benefits Other Benefits
Change in Benefit Obligation
Benefit obligation at beginning of period ................. $236 $251 $ 1,987 $ 2,116
Service cost ........................................ 6 8 32 39
Interest cost ........................................ 8 9 122 121
Plan participants’ contributions ......................... 1 1 69 56
Amendments ....................................... — (16) — —
Actuarial (gain) loss .................................. (9) (18) (46) (146)
Curtailments ....................................... — 1 (1) —
Foreign currency exchange rate changes .................. (8) 11 — —
Federal subsidy ..................................... — — 12 8
Gross benefits paid .................................. (13) (11) (217) (207)
Benefit obligation at end of period ...................... $221 $236 $ 1,958 $ 1,987
Change in Plan Assets
Fair value of plan assets at beginning of period............. $167 $152 $ 56 $ 54
Actual return on plan assets ........................... (39) 9 3 3
Employer contributions ............................... 22 14 146 150
Plan participants’ contributions ......................... 1 1 69 56
Foreign currency exchange rate changes .................. (14) 6 — —
Expected transfer out................................. — (4) — —
Benefits paid ....................................... (13) (11) (217) (207)
Fair value of plan assets at end of period ................. $124 $167 $ 57 $ 56
Funded status—Net amount recognized .................. $(97) $(69) $(1,901) $(1,931)
2008 2007 2008 2007
Year Ended
December 31,
Year Ended
December 31,
Amounts recognized in the Statements of Consolidated
Financial Position consist of:
Noncurrent asset .................................... $ 19 $33 $ — $ —
Current liability ..................................... (4) (5) (89) (102)
Noncurrent liability .................................. (112) (97) (1,812) (1,829)
Net amount recognized ............................... $ (97) $(69) $(1,901) $(1,931)
Amounts recognized in accumulated other comprehensive
income consist of:
Net actuarial gain (loss) ............................... $ — $43 $ 286 $ 254
The estimated amounts that will be amortized from accumulated other comprehensive income into
net periodic benefit cost in 2009 for actuarial gains are $1 million for pension plans and $20 million for
other postretirement plans. At exit the Company elected not to apply the corridor approach for
amortization of unrecognized amounts included in accumulated other comprehensive income. This policy
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