Boeing 2008 Annual Report Download - page 106
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Some of our assets, primarily our alternative investments, including private equity, real estate, real
assets, hedge funds, and global strategies, do not have readily determinable market values given the
specific investment structures involved and the nature of the underlying investments. For the
December 31, 2008 plan asset reporting, publicly traded asset pricing was used where possible; where
it was not available, estimates were derived from both investment manager discussions that focused
on the underlying fundamentals as well as an application of a public market proxy that reasonably
correlated to the applicable asset class.
Cash Flows
Contributions Required pension contributions under the Employee Retirement Income Security Act
(ERISA) as well as rules governing funding of our non-U.S. pension plans, are not expected to exceed
$50 in 2009. In 2009 we expect to make contributions to our plans of approximately $500. Because of
lower than expected asset returns during 2008, the plans in aggregate are approximately $3,000
underfunded under ERISA measures, as of December 31, 2008. As a result, contributions in future
years are expected to increase. We expect to contribute approximately $15 to our OPB plans in 2009.
Estimated Future Benefit Payments The table below reflects the total pension benefits expected to
be paid from the plans or from our assets, including both our share of the benefit cost and the
participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our
portion only.
Pensions
Other
Postretirement
Benefits
2009 $ 2,643 $ 537
2010 2,754 569
2011 2,869 600
2012 2,991 618
2013 3,117 640
2014 – 2018 17,708 3,485
Termination Provisions
Certain of the pension plans provide that, in the event there is a change in control of the Company
which is not approved by the Board of Directors and the plans are terminated within five years
thereafter, the assets in the plan first will be used to provide the level of retirement benefits required by
ERISA, and then any surplus will be used to fund a trust to continue present and future payments
under the postretirement medical and life insurance benefits in our group insurance benefit programs.
We have an agreement with the U.S. government with respect to certain pension plans. Under the
agreement, should we terminate any of the plans under conditions in which the plan’s assets exceed
that plan’s obligations, the U.S. government will be entitled to a fair allocation of any of the plan’s
assets based on plan contributions that were reimbursed under U.S. government contracts.
401(k) Plans
We provide certain defined contribution plans to all eligible employees. The principal plans are the
Company-sponsored 401(k) plans. The expense for these defined contribution plans was $571, $536
and $514 in 2008, 2007 and 2006, respectively.
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