E-Z-GO 2011 Annual Report Download - page 86

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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)
2011
2010
2011
2010
Change in benefit obligation
Benefit obligation at beginning of year
$ 5,877
$ 5,470
$ 614
$ 646
Service cost
129
124
8
8
Interest cost
327
328
33
34
Amendments
7
5
(23)
(16)
Plan participants’ contributions
—
—
5
5
Actuarial losses (gains)
331
292
(17)
—
Benefits paid
(339)
(330)
(59)
(63)
Foreign exchange rate changes
(7)
(10)
—
—
Curtailments
—
(2)
—
—
Benefit obligation at end of year
$ 6,325
$ 5,877
$ 561
$ 614
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$ 4,559
$ 4,005
Actual return on plan assets
167
505
Employer contributions
628
390
Benefits paid
(339)
(330)
Foreign exchange rate changes
(3)
(9)
Settlements and disbursements
1
(2)
Fair value of plan assets at end of year
$ 5,013
$ 4,559
Funded status at end of year
$ (1,312)
$ (1,318)
$ (561)
$ (614)
Amounts recognized in our balance sheets are as follows:
Pension Benefits
Postretirement Benefits
Other than Pensions
(In millions)
2011
2010
2011
2010
Non-current assets
$ 54
$ 58
$ —
$ —
Current liabilities
(23)
(22)
(56)
(60)
Non-current liabilities
(1,343)
(1,354)
(505)
(554)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss
2,455
1,977
91
120
Prior service cost (credit)
129
138
(50)
(35)
The accumulated benefit obligation for all defined benefit pension plans was $6.0 billion and $5.5 billion at December 31, 2011
and January 1, 2011, respectively, which includes $360 million and $334 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)
2011
2010
Projected benefit obligation
$ 6,153
$ 5,706
Accumulated benefit obligation
5,784
5,288
Fair value of plan assets
4,786
4,329
75
Textron Inc. Annual Report • 2011 75