Boeing 2009 Annual Report Download - page 97
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Maturities of long-term debt for the next five years are as follows:
2010 2011 2012 2013 2014
BCC $645 $798 $ 878 $ 652 $ 526
Other Boeing 49 91 1,077 628 763
$694 $889 $1,955 $1,280 $1,289
Note 14 – Postretirement Plans
We have various pension plans covering substantially all employees. We fund our major pension plans
through trusts. Pension assets are placed in trust solely for the benefit of the plans’ participants, and
are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace
over the long term with the growth of obligations for future benefit payments.
We also have postretirement benefits other than pensions which consist principally of health care
coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain
groups of retirees. Retiree health care is provided principally until age 65 for approximately half those
retirees who are eligible for health care coverage. Certain employee groups, including employees
covered by most United Auto Workers bargaining agreements, are provided lifetime health care
coverage.
The funded status of the plans is measured as the difference between the plan assets at fair value and
the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in
Pension plan assets, net and the aggregate of all underfunded plans in either Accrued retiree health
care or Accrued pension plan liability, net. The portion of the amount by which the actuarial present
value of benefits included in the PBO exceeds the fair value of plan assets, payable in the next 12
months, is reflected in Other accrued liabilities.
Effective December 31, 2008, a new accounting standard on defined benefit pension and other
postretirement plans requires us to measure plan assets and benefit obligations at fiscal year end. We
previously performed this measurement at September 30 of each year. Beginning in fourth quarter of
2007 in accordance with this standard, we eliminated the use of a three-month lag period when
recognizing the impact of curtailments or settlements and, instead, recognize these amounts in the
period in which they occur. As a result of implementing the measurement date provisions of this
standard, we recorded an additional quarter of pension and other postretirement benefit (OPB) cost as
of January 1, 2008 as a $178 decrease to Retained earnings and a $92 decrease to Accumulated
other comprehensive loss, which resulted in a net decrease of $86 to Shareholders’ equity. The
provisions of this standard do not permit retrospective application.
85