E-Z-GO 2010 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 of the 2010 E-Z-GO 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.

Page out of 106

  • 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

73
Obligations and Funded Status
All of our plans are measured as of our fiscal year-end. The changes in the projected benefit obligation and in the fair value of plan
assets, along with our funded status, are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions) 2010 2009 2010 2009
Change in benefit obligation
Benefit obligation at beginning of year
$ 5,470
$ 5,327
$ 646
$ 636
Service cost
124
116
8
8
Interest cost
328
323
34
38
Amendments
5
26
(16)
2
Plan participants’ contributions
—
—
5
5
Actuarial losses (gains)
292
(2)
—
22
Benefits paid
(330)
(315)
(63)
(67)
Foreign exchange rate changes
(10)
51
—
—
Settlements and disbursements
—
(55)
—
—
Curtailments
(2)
(1)
—
2
Benefit obligation at end of year
$ 5,877
$ 5,470
$ 614
$ 646
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$ 4,005
$ 3,823
$ —
$ —
Actual return on plan assets
505
496
—
—
Employer contributions
390
51
—
—
Benefits paid
(330)
(315)
—
—
Dispositions
—
(40)
—
—
Foreign exchange rate changes
(9)
45
—
—
Settlements and disbursements
(2)
(55)
—
—
Fair value of plan assets at end of year
$ 4,559
$ 4,005
$ —
$ —
Funded status at end of year
$ (1,318)
$ (1,465)
$ (614)
$ (646)
Amounts recognized in our balance sheets are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions) 2010 2009 2010 2009
Non-current assets
$ 58
$ 51
$ —
$ —
Current liabilities
(22)
(22)
(60)
(63)
Non-current liabilities
(1,354)
(1,494)
(554)
(583)
Recognized in accumulated other comprehensive loss:
Net loss
1,977
1,851
120
131
Prior service cost (credit)
138
150
(35)
(23)
The accumulated benefit obligation for all defined benefit pension plans was $5.5 billion and $5.1 billion at January 1, 2011 and
January 2, 2010, respectively, which includes $334 million and $317 million, respectively, in accumulated benefit obligations for
unfunded plans where funding is not permitted or in foreign environments where funding is not feasible.
Pension plans with accumulated benefit obligations exceeding the fair value of plan assets are as follows:
(In millions)
2010
2009
Projected benefit obligation
$ 5,706
$ 5,328
Accumulated benefit obligation
5,288
4,929
Fair value of plan assets
4,329
3,813