E-Z-GO 2008 Annual Report Download - page 93
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Notes to the Consolidated Financial Statements
80
Estimated Future Cash Flow Impact
Defined benefits under salaried plans are based on salary and years of service. Hourly plans generally provide benefits based on stated amounts
for each year of service. Our funding policy is consistent with applicable laws and regulations. In 2009, we expect to contribute in the range of
$50 million to $55 million to fund our qualified pension plans and foreign plans. We do not expect to contribute to our other postretirement
benefit plans. Benefit payments provided below reflect expected future employee service, as appropriate, and are expected to be paid, net of
estimated participant contributions. Benefit payments do not include the Medicare Part D subsidy we expect to receive. Benefit payments are
based on the same assumptions used to measure our benefit obligation at the end of fiscal 2008. While pension benefit payments primarily will
be paid out of qualified pension trusts, we will pay postretirement benefits other than pensions out of our general corporate assets as follows:
Post-
retirement Expected
Benefits Medicare
Pension Other than Part D
(In millions) Benefits Pensions Subsidy
2009 $ 308 $ 69 $ (4)
2010 313 70 (4)
2011 321 70 (4)
2012 330 69 (4)
2013 337 67 (4)
2014 – 2018 1,818 303 (18)
Note 15. Income Taxes
We conduct business globally and, as a result, file numerous consolidated and separate income tax returns in the Federal jurisdiction and various
state and non-U.S. jurisdictions. For all of our U.S. subsidiaries, we file a consolidated federal income tax return. Income from continuing
operations before income taxes is as follows:
(In millions) 2008 2007 2006
U.S. $ 625 $ 1,106 $ 810
Non-U.S. 33 146 147
Total $ 658 $ 1,252 $ 957
Income tax expense for continuing operations is summarized as follows:
(In millions) 2008 2007 2006
Current:
Federal $ 327 $ 333 $ 152
State 16 20 8
Non-U.S. 14 51 36
357 404 196
Deferred:
Federal (61) 7 46
State 4 (24) 28
Non-U.S. 14 (14) (6)
(43) (31) 68
Income tax expense $ 314 $ 373 $ 264