Medtronic 2009 Annual Report Download - page 90

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86 Medtronic, Inc.
Notes to Consolidated Financial Statements
(continued)
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
(in millions) 2009 2008 2009 2008 2009 2008
Accumulated benefit obligation at end of year: $759 $ 7 5 1 $308 $324 $174 $ 184
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 902 $ 8 6 8 $400 $353 $184 $ 196
Adjustment due to adoption of SFAS No. 158 measurement date provisions 34 —4—6—
Service cost 74 72 29 32 14 16
Interest cost 60 52 19 16 12 12
Employee contributions ——10 954
Plan amendments —1—1——
Actuarial gain (199) (70) (8) (49) (36) (35)
Benefits paid (29) (24) (8) (14) (12) (10)
Medicare Part D reimbursements ————1—
Special termination benefits —3———1
Foreign currency exchange rate changes ——(73) 52 ——
Projected benefit obligation at end of year 842 902 373 400 174 184
Change in plan assets:
Fair value of plan assets at beginning of year 1,100 1,008 335 280 141 127
Adjustment due to adoption of SFAS No. 158 measurement date provisions (25) —1—(3) —
Actual (loss)/return on plan assets (302) 31 (49) (26) (41) 1
Employer contributions 89 85 66 42 18 19
Employee contributions ——10 954
Benefits paid (29) (24) (8) (14) (12) (10)
Foreign currency exchange rate changes ——(64) 44 ——
Fair value of plan assets at end of year 833 1,100 291 335 108 141
Funded status at end of year:
Fair value of plan assets 833 1,100 291 335 108 141
Benefit obligations 842 902 373 400 174 184
Overfunded/(underfunded) status of the plan (9) 198 (82) (65) (66) (43)
Recognized asset (liability) $ (9) $ 1 9 8 $ (82) $ (65) $ (66) $ (43)
Amounts recognized on the consolidated balance sheet consist of:
Non-current assets $ 82 $ 3 0 0 $ 1 $ 2 $ — $ —
Current liabilities (5) (5) (1) (2) ——
Non-current liabilities (86) (97) (82) (65) (66) (43)
Recognized asset (liability) $ (9) $ 1 9 8 $ (82) $ (65) $ (66) $ (43)
Amounts recognized in accumulated other comprehensive (loss)/income:
Prior service (benefit)/cost $ (7) $ (9) $ 7 $ 9 $ 2 $ 3
Net actuarial loss 465 221 90 41 44 19
Ending balance $458 $ 2 1 2 $ 97 $ 50 $ 46 $ 22