|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the XIDE 10-K filed Jun 11, 2007. Description
On September 29, 2006, the FASB issued
SFAS No. 158, which requires recognition of the
overfunded or underfunded status of pension and other
postretirement benefit plans on the balance sheet. Under
SFAS 158, gains and losses, prior service costs and
credits, and any remaining transition amounts under FASB
Statement No. 87, Employers’ Accounting for
Pensions (“SFAS 87”) and FASB Statement
No. 106, Employers’ Accounting for Postretirement
Benefits Other Than Pensions (“SFAS 106”)
that have not yet been recognized through net periodic benefit
costs will be recognized in accumulated other comprehensive
income (loss), net of tax effects, until they are amortized as a
component of net periodic cost. SFAS 158 does not change
how pensions and other postretirement benefits are accounted for
and reported in the income statement. Companies will continue to
follow the existing guidance in SFAS 87, FASB
Statement No. 88, Employers’ Accounting for
Settlements and Curtailments of Defined Benefit Pension Plans
and for Termination Benefits and SFAS 106.
SFAS 158 was effective for fiscal years ending after
December 15, 2006. The company adopted the balance sheet
recognition provisions of SFAS 158 at March 31, 2007.
SFAS 158 also requires that employers measure the benefit
obligation and plan assets as of the fiscal year end for fiscal
years ending after December 15, 2008. The company currently
uses a December 31 measurement date for its U.S. pension
and other postretirement benefit plans and a March 31
measurement date for its
non-U.S. plans.
The company intends to eliminate the early measurement date for
its U.S. plans in fiscal 2009.
The Company also has some defined contribution plans in North
America, Europe and ROW with related expense of
$6.8 million, $7 million, $5.3 million, and
$0.5 million, for fiscal 2007 and 2006, the period
May 6, 2004 to March 31, 2005, and the period
April 1, 2004 to May 5, 2005, respectively.
The Company provides certain health care and life insurance
benefits for a limited number of retirees. The Company accrues
the estimated cost of providing post-retirement benefits during
the employees’ applicable years of service.
Assets funded under both the North American and European defined
benefit plans consist primarily of equity and fixed income
securities. At March 31, 2007, the fair market value of
assets for the Company’s defined benefit plans was
$408.9 million compared to $326.5 million at
March 31, 2006.
This excerpt taken from the XIDE 10-K filed Jun 29, 2005. Description
The Company has noncontributory defined benefit pension plans covering substantially all hourly and salaried employees in North America. Plans covering hourly employees provide pension benefits of stated amounts for each year of credited service. Salaried employees in North America are covered by a cash balance plan providing benefits as a percentage of salary up to qualified limits.
European subsidiaries of the Company sponsor defined benefit plans that cover substantially all employees who are not covered by statutory plans. In most cases the defined benefit plans in Europe are not funded and the benefit formulas are similar to those used by the North American hourly plans.
39
Table of ContentsThe Company provides certain health care and life insurance benefits for a limited number of retired employees.
Assets funded under both the North American and European defined benefit plans consist primarily of equity and fixed income securities. At March 31, 2005, the fair market value of assets for the Company’s defined benefit plans was $295,298, compared to $283,967 at March 31, 2004.
This excerpt taken from the XIDE 10-K filed Mar 1, 2005. Description
The Company has noncontributory defined benefit pension plans covering substantially all hourly and salaried employees in North America. Plans covering hourly employees provide pension benefits of stated amounts for each year of credited service. Salaried employees in North America are covered by a cash balance plan providing benefits as a percentage of salary up to qualified limits.
14
Table of ContentsEuropean subsidiaries of the Company sponsor defined benefit plans that cover substantially all employees who are not covered by statutory plans. In most cases the defined benefit plans in Europe are not funded and the benefit formulas are similar to those used by the North American hourly plans.
The Company provides certain health care and life insurance benefits for a limited number of retired employees.
Assets funded under both the North American and European defined benefit plans consist primarily of equity and fixed income securities. At March 31, 2004, the fair market value of assets for the Company’s defined benefit plans was $283,967, compared to $236,157 at March 31, 2003.
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for XIDE: |
| |||||||
