Medtronic 2008 Annual Report Download - page 84

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The change in benefit obligation and funded status of the Company’s employee retirement plans follow:
U.S.
Pension Benefits
Non-U.S.
Pension Benefits
Post-Retirement
Benefits
Fiscal Year Fiscal Year Fiscal Year
2008 2007
2008
2007
2008
2007
Accumulated benefit obligation at end of year: $ 751 $ 721 $ 324 $ 278 $ 184 $ 196
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 868 $ 750 $ 353 $ 286 $ 196 $ 172
Service cost 72 64 32 27 16 13
Interest cost 52 45 16 12 12 10
Plan amendments 121———
Actuarial (gain)/loss (70) 23 (40) 3(35) 5
Benefits paid (24) (16) (14) (2) (6) (4)
Special termination benefits 3———1—
Foreign currency exchange rate changes ——52 27 ——
Projected benefit obligation at end of year 902 868 400 353 184 196
Change in plan assets:
Fair value of plan assets at beginning of year 1,008 851 280 217 127 102
Actual return on plan assets 31 86 (26) 9112
Employer contributions 85 87 51 34 19 17
Benefits paid (24) (16) (14) (2) (6) (4)
Foreign currency exchange rate changes ——44 22 ——
Fair value of plan assets at end of year 1,100 1,008 335 280 141 127
Funded status at end of year:
Fair value of plan assets 1,100 1,008 335 280 141 127
Benefit obligations 902 868 400 353 184 196
Overfunded/(underfunded) status of the plan 198 140 (65) (73) (43) (69)
Recognized asset (liability)
$ 198
$ 140
$ (65
)
$ (73
)
$ (43
)
$ (69
)
Amounts recognized on the consolidated balance sheet consist of:
Non-current assets $ 300 $ 229 $ 2 $ 2 $ — $ —
Current liabilities (5) (4) (2) (2) ——
Non-current liabilities (97) (85) (65) (73) (43) (69)
Recognized asset (liability)
$ 198
$ 140
$ (65
)
$ (73
)
$ (43
)
$ (69
)
Amounts recognized in accumulated other comprehensive (loss)/income:
Prior service (benefit)/cost $ (9) $ (11) $ 9 $ 8 $ 3 $ 3
Net actuarial loss 221 250 41 42 19 46
Ending balance
$ 212
$ 239
$ 50
$ 50
$ 22
$ 49
Notes to Consolidated Financial Statements
(continued)
(dollars in millions, except per share data)
80 Medtronic, Inc.