Prudential 2005 Annual Report Download - page 144
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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
16. EMPLOYEE BENEFIT PLANS (continued)
The expected benefit payments for the Company’s pension and postretirement plans for the years indicated are as follows:
Pension
Other
Postretirement
Benefits
Other
Postretirement
Benefits
Subsidy
Receipt
(in millions)
2006 .................................................................... $ 473 $ 211 $ 17
2007 .................................................................... 475 217 19
2008 .................................................................... 479 220 20
2009 .................................................................... 494 218 21
2010 .................................................................... 498 215 21
2011-2015 ............................................................... 2,647 1,007 115
Total .................................................................... $5,066 $2,088 $213
The Company anticipates that it will make cash contributions in 2006 of approximately $75 million to the pension plans and
approximately $140 million to the postretirement plans.
Postemployment Benefits
The Company accrues postemployment benefits primarily for health and life benefits provided to former or inactive employees
who are not retirees. The net accumulated liability for these benefits at December 31, 2005 and 2004 was $55 million and $62
million, respectively, and is included in “Other liabilities.”
Other Employee Benefits
The Company sponsors voluntary savings plans for employees (401(k) plans). The plans provide for salary reduction
contributions by employees and matching contributions by the Company of up to 4% of annual salary. The matching contributions
by the Company included in “General and administrative expenses” were $44 million, $52 million and $54 million for the years
ended December 31, 2005, 2004 and 2003, respectively.
17. INCOME TAXES
The components of income tax expense (benefit) for the years ended December 31, were as follows:
2005 2004 2003
(in millions)
Current tax expense (benefit)
U.S. .................................................................................... $(202) $497 $108
State and local ............................................................................ 20 23 23
Foreign ................................................................................. 187 81 43
Total ................................................................................... 5 601 174
Deferred tax expense (benefit)
U.S. .................................................................................... 586 54 143
State and local ............................................................................ 165 (26) 43
Foreign ................................................................................. 113 326 302
Total ................................................................................... 864 354 488
Total income tax expense ....................................................................... $869 $955 $662
Prudential Financial 2005 Annual Report142