Air Canada 2008 Annual Report Download - page 47
Download and view the complete annual report
Please find page 47 of the 2008 Air Canada annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37 -
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
 |
 |
2008 Management’s Discussion and Analysis
47
Given the economic uncertainty and the uncertain outcome of the pension funding regulations, Air Canada’s actual funding
obligations for 2009 cannot be determined with any reasonable degree of certainty however they will rise significantly
over 2008 levels. If the provisions outlined above are finalized, and assuming preliminary estimates, Air Canada estimates
funding requirements for 2009 would increase by approximately $150 million versus 2008, which would result in estimated
aggregate pension funding payments of approximately $605 million during 2009. The estimated funding payments of $605
million include the estimated impact of funding changes to current service costs as well as other pension arrangements
which amount to a reduction of approximately $10 million. Management is monitoring the government’s actions and
dialoguing with government officials on this matter. Until the government finalizes this proposal and the funding valuation
is completed during the first half of 2009, uncertainty as to the amount and timing of additional pension funding continue
to exist. Any increase in funding obligations for 2009 would be paid in the second half of the year as the funding in the first
half of the year is based on the January 1, 2008 actuarial valuation reports.