Safeway 2013 Annual Report Download - page 77
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Table of Contents
Other Post-Retirement Benefits In addition to the Company’s pension plans, the Company sponsors plans that provide postretirement
medical and life insurance benefits to certain employees. Retirees share a portion of the cost of the postretirement medical plans. Safeway
pays all the costs of the life insurance plans. The Company also sponsors a Retirement Restoration Plan that provides death benefits and
supplemental income payments for senior executives after retirement. All of these Other Post-Retirement Benefit Plans are unfunded.
Canadian Pension and Other Post-Retirement Plans Sobeys assumed Safeway's Canadian pension and post-retirement plan
obligations as part of the overall purchase of Safeway's Canadian operations in November 2013. Accordingly, the activity in these plans are
not included in this footnote unless otherwise noted.
The following table provides a reconciliation of the changes in the retirement plans’ benefit obligation and fair value of assets over the two-
year period ended December 28, 2013 and a statement of the funded status as of year-end 2013 and year-end 2012 (in millions):
Pension
Other Post-Retirement Benefits
2012
2012
Change in projected benefit obligation:
Beginning balance $2,424.5
$ 131.1
Service cost 40.3
0.6
Interest cost 91.8
3.6
Plan amendments 0.4
—
Actuarial loss (gain) 176.0
6.6
Plan participant contributions —
1.0
Benefit payments (131.6)
(7.3)
Change in projected benefit obligation related to CSL 34.0
(0.6)
Disposal of CSL —
—
Ending balance $2,635.4
$ 135.0
Change in fair value of plan assets:
Beginning balance $1,641.4
$—
Actual return on plan assets 179.3
—
Employer contributions 104.1
6.3
Plan participant contributions —
1.0
Benefit payments (131.6)
(7.3)
Change in fair value of plan assets related to CSL 52.5
—
Disposal of CSL —
—
Ending balance $1,845.7
$—
Components of net amount recognized in financial position:
Other accrued liabilities (current liability) $(2.3)
$(7.9)
Pension and postretirement benefit obligations (non-current
liability) (787.4)
(127.1)
Funded status $(789.7)
$(135.0)
75