Estee Lauder 2009 Annual Report Download - page 147
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The target asset allocation policy was set to maximize
returns with consideration to the long-term nature of the
obligations and maintaining a lower level of overall volatil-
ity through the allocation to fi xed income. During the
year, the asset allocation is reviewed for adherence to the
target policy and is rebalanced periodically towards the
target weights.
401(k) Savings Plan (U.S.)
The Company’s 401(k) Savings Plan (“Savings Plan”) is a
contributory defi ned contribution plan covering substan-
tially all regular U.S. employees who have completed the
hours and service requirements, as defi ned by the plan
document. Regular full-time employees are eligible to par-
ticipate in the Savings Plan thirty days following their date
of hire. The Savings Plan is subject to the applicable provi-
sions of ERISA. The Company matches a portion of the
participant’s contributions after one year of service under
a predetermined formula based on the participant’s
contribution level. The Company’s contributions were
approximately $20.5 million, $18.7 million and $13.7 mil-
lion for the fi scal years ended June 30, 2009, 2008 and
2007, respectively. Shares of the Company’s Class A
Common Stock are not an investment option in the
Savings Plan and the Company does not use such shares
to match participants’ contributions.
Deferred Compensation
The Company accrues for deferred compensation and
interest thereon, and for the increase in the value of share
units pursuant to agreements with certain key executives
and outside directors. The amounts included in the
accompanying consolidated balance sheets under
these plans were $66.4 million and $67.9 million as of
June 30, 2009 and 2008. The expense for fi scal 2009,
2008 and 2007 was $5.4 million, $9.2 million and $8.5
million, respectively.
146 THE EST{E LAUDER COMPANIES INC.
Other than
Pension Plans Pension Plans
U.S. International Post-retirement
(In millions)
Expected Cash Flows:
Expected employer contributions for year ending
June 30, 2010 $ — $ 31.9 N/A
Expected benefi t payments for year ending June 30,
2010 38.0 21.3 $ 5.2
2011 41.4 16.9 5.9
2012 40.1 19.9 6.6
2013 33.0 19.2 7.3
2014 33.5 18.0 8.0
Years 2015–2019 168.5 111.6 52.3
Plan Assets:
Target asset allocation at June 30, 2009
Equity 42% 21% N/A
Debt securities 34% 50% N/A
Other 24% 29% N/A
100% 100% N/A
Actual asset allocation at June 30, 2009
Equity 32% 19% N/A
Debt securities 51% 59% N/A
Other 17% 22% N/A
100% 100% N/A
Actual asset allocation at June 30, 2008
Equity 40% 45% N/A
Debt securities 42% 38% N/A
Other 18% 17% N/A
100% 100% N/A