United Airlines 2009 Annual Report Download - page 111
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Table of Contents
The fair values of the Company’s pension plan and other benefit plan assets at December 31, 2009, by asset category, are as follows:
(In millions)
December 31,
2009
Fair Value Measurements at Reporting
Date Using
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Pension Plan Assets:
Fixed income funds $ 25 $ — $ 25 $ —
Equity funds 81 — 81 —
Annuity insurance contract 41 — — 41
Other investments 9 — 9 —
Total $ 156 $ — $ 115 $ 41
Other Benefit Plan Assets:
Deposit administration fund $ 58 $ — $ — $ 58
Level 3 Financial Assets and Liabilities—All
(In millions)
Balance at January 1, 2009 $103
Purchases 10
Sales (16)
Return on plan assets 2
Balance at December 31, 2009 $ 99
Fixed income and equity funds. The fair market value reflects the combined market value of the underlying stock and/or market value of the underlying
debt securities. The market value of the common stock portion, if any, of the fund is based on the primary-exchange closing prices of the stocks of the fund.
Insurance contract and deposit administration fund. Both of these investments are stable investment vehicles structured to provide investment income.
Generally, the deposit administration fund assets are not subject to market volatilities as the fund earns a stated return, determined at the beginning of each year.
Similarly, the insurance contract is not subject to market volatility. Due to the conservative nature of the underlying assets, the cost of these investments
approximates their fair value.
Expected 2010 employer contributions are $12 million for the pension plans and $153 million for the other postretirement benefit plans. The following
benefit payments are expected to be made by the Company in future years for the Company’s retirement plans:
(In millions) Pension
Other
Benefits
Other Benefits—
subsidy receipts
2010 $ 10 $ 155 $ 13
2011 11 157 15
2012 11 156 17
2013 12 156 19
2014 12 160 21
Years 2015 – 2019 58 864 131
107