Sysco 2010 Annual Report Download - page 76
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Please find page 76 of the 2010 Sysco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Information for plans with accumulated benefit obligation/aggregate benefit obligation in excess of fair value of plan assets is as follows:
July 3, 2010
(1)
June 27, 2009
(1)
July 3, 2010 June 27, 2009
Pension Benefits
Other
Postretirement
Plans
(In thousands)
Accumulated benefit obligation/aggregate benefit obligation . ........... $ 2,051,115 $ 291,964 $ 8,461 $ 7,197
Fair value of plan assets at end of year .......................... 1,666,972 — — —
(1)
Information under Pension Benefits as of July 3, 2010 includes both the Retirement Plan and the SERP, however information as of June 27, 2009
includes the SERP only as the Retirement Plan’s fair value of plan assets exceeded the accumulated benefit obligation as of that date.
Components of Net Benefit Costs and Other Comprehensive Income
The components of net company-sponsored pension costs for each fiscal year are as follows:
2010
(53 Weeks) 2009 2008
Pension Benefits
(In thousands)
Service cost ........................................................... $ 66,650 $ 80,899 $ 90,570
Interest cost .......................................................... 119,593 113,715 101,218
Expected return on plan assets ............................................. (104,860) (127,422) (135,345)
Amortization of prior service cost ............................................ 4,209 3,793 5,985
Amortization of net actuarial loss ............................................ 40,526 17,729 3,409
Net pension costs . . . ................................................... $ 126,118 $ 88,714 $ 65,837
The components of other postretirement benefit costs for each fiscal year are as follows:
2010
(53 Weeks) 2009 2008
Other Postretirement Plans
(In thousands)
Service cost . . . ....................................................... $ 328 $ 490 $ 484
Interest cost . . . ....................................................... 562 624 570
Amortization of prior service cost ........................................... 185 130 143
Amortization of net actuarial gain ........................................... (490) (158) (156)
Amortization of transition obligation .......................................... 153 153 153
Net other postretirement benefit costs ....................................... $ 738 $ 1,239 $ 1,194
Net company-sponsored pension costs increased $37.4 million in fiscal 2010 due primarily to lower returns on assets of the Retirement Plan
during fiscal 2009, partially offset by an increase in the discount rates used to calculate our projected benefit obligation and related pension expense
for fiscal 2010. Net company-sponsored pension costs in fiscal 2011 are expected to increase by approximately $60.3 million over fiscal 2010 due
primarily to a decrease in discount rates used to calculate our projected benefit obligation and related pension expense, partially offset by reduced
amortization of expense from actuarial gains from higher returns on assets of Sysco’s Retirement Plan during fiscal 2010.
Other changes in plan assets and benefit obligations recognized in other comprehensive loss related to company-sponsored pension plans for
each fiscal year are as follows:
2010
(53 Weeks) 2009 2008
Pension Benefits
(In thousands)
Amortization of prior service cost . ........................................ $ 4,209 $ 3,793 $ 5,985
Amortization of net actuarial loss . ........................................ 40,526 17,729 3,409
Pension liability assumption (prior service cost) . . . ............................ — (26,704) —
Prior service (cost) credit arising in current year . . . ............................ — (48) 30,048
Net actuarial loss arising in current year .................................... (454,023) (201,417) (232,044)
Net pension costs ................................................... $ (409,288) $ (206,647) $ (192,602)
Other changes in benefit obligations recognized in other comprehensive (loss) income related to other postretirement plans for each fiscal year
are as follows:
2010
(53 Weeks) 2009 2008
Other Postretirement Plans
(In thousands)
Amortization of prior service cost . . ......................................... $ 185 $ 130 $ 143
Amortization of net actuarial gain . . ......................................... (490) (158) (156)
Amortization of transition obligation . ......................................... 153 153 153
Prior service cost arising in current year ....................................... — (527) —
Net actuarial (loss) gain arising in current year................................... (733) 3,813 208
Net pension costs . . .................................................... $ (885) $ 3,411 $ 348
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