Medtronic 2007 Annual Report Download - page 81

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U.S. Pension
Benefits
Non-U.S.
Pension Benefits
Post-Retirement
Benefits
2007
2006
2007
2006
2007
2006
Accumulated benefit obligation at end of year: $ 721 $ 629 $ 278 $ 224 $ 196 $ 172
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 750 $ 678 $ 286 $ 258 $ 172 $ 169
Service cost 64 51 27 23 13 10
Interest cost 45 39 12 11 10 10
Plan amendments 2(14) Ñ(3) Ñ(3)
Actuarial loss/(gain) 23 25 312 5(7)
Curtailments/settlement recognition Ñ(14) ÑÑÑ(2)
Benefits paid (16) (15) (2) (3) (4) (5)
Foreign currency exchange rate changes ÑÑ27 (12) ÑÑ
Projected benefit obligation at end of year 868 750 353 286 196 172
Change in plan assets:
Fair value of plan assets at beginning of year 851 711 217 162 102 82
Actual return on plan assets 86 88 921 12 10
Employer contributions 87 67 34 44 17 15
Benefits paid (16) (15) (2) (3) (4) (5)
Foreign currency exchange rate changes ÑÑ22 (7) ÑÑ
Fair value of plan assets at end of year 1,008 851 280 217 127 102
Funded status at end of year:
Fair value of plan assets 1,008 851 280 217 127 102
Benefit obligations 868 750 353 286 196 172
Funded status of the plan 140 101 (73) (69) (69) (70)
Unrecognized prior service cost (benefit) (15) 8 (70)
Unrecognized net actuarial loss 255 42 3
Recognized asset (liability) $ 140 $ 341 $ (73) $ (19) $ (69) $ (21)
Amounts recognized in the consolidated balance sheet consist of:
Non-current assets $ 229 $ 2 $ Ñ
Current liabilities (4) (2) Ñ
Non-current liabilities (85) (73) (69)
Prepaid benefit cost $ 376 $ 9 $ Ñ
Accrued benefit liability (56) (34) (21)
Other intangible assets, net Ñ3Ñ
Accumulated other comprehensive (loss)/income 21 3 Ñ
Recognized asset (liability) $ 140 $ 341 $ (73) $ (19) $ (69) $ (21)
Amounts recognized in accumulated other comprehensive (loss)/income:
Prior service cost (benefit) $ (11) $ 8 $ 3
Net actuarial loss 250 42 46
Ending balance $ 239 $ 50 $ 49
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Balance as of
April 28, 2006
Additional
Minimum Liability
Adjustments
SFAS No. 158
Adjustments
Balance as of
April 27, 2007
Asset/(liability), net $ 274 $ Ñ $(276) $ (2)
Intangible asset 3 Ñ (3) Ñ
Deferred tax asset 17 (17) 129 129
AOCI, net 24 (24) 209 209
AOCI, gross 41 (41) 338 338
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