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FL » Topics » 9. Pension and Postretirement Plans

This excerpt taken from the FL 10-Q filed Jun 11, 2008.

9. Pension and Postretirement Plans

     The Company has defined benefit pension plans covering most of its North American employees, which are funded in accordance with the provisions of the laws where the plans are in effect. In addition to providing pension benefits, the Company sponsors postretirement medical and life insurance plans, which are available to most of its retired U.S. employees. These medical and life insurance plans are contributory and are not funded.

     The following are the components of net periodic pension benefit cost and net periodic postretirement benefit income:

Pension Benefits Postretirement Benefits
(in millions)      May 3, 2008      May 5, 2007      May 3, 2008      May 5, 2007
Service cost   $ 2     $ 3     $ —     $ —
Interest cost   9 9 — —
Expected return on plan assets (13 ) (14 ) — —
Amortization of unrecognized prior service cost — — — —
Amortization of net loss (gain) 3 3 (2 ) (2 )
Net benefit cost (income) $ 1 $ 1 $ (2 ) $ (2 )

     During the first quarter of 2008, the Company made a $6 million contribution to its Canadian pension plan.

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