Sysco 2010 Annual Report Download - page 80
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Please find page 80 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.The following table sets forth a summary of changes in the fair value of the Retirement Plan’s Level 3 assets for the fiscal year ended July 3, 2010:
Real Estate Fund
(In thousands)
Balance, June 27, 2009 ................................................................. $ 14,839
Actual return on plan assets:
Relating to assets still held at the reporting date . . . ........................................... (1,545)
Relating to assets sold during the period .................................................... (15)
Purchases and sales. . . ................................................................. 3,786
Transfers in and/or out of Level 3........................................................... —
Balance, July 3, 2010 . . ................................................................. $ 17,065
The percentage of the fair value of plan assets by asset category as of June 27, 2009 is as follows:
June 27, 2009
Equity securities ........................................................................ 60.6%
Debt securities ......................................................................... 38.1
Real estate . . .......................................................................... 1.3
Total ................................................................................ 100.0%
13. SHAREHOLDERS’ EQUITY
Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding
for each respective year. Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares of
common stock outstanding during those respective years adjusted for the dilutive effect of stock options outstanding using the treasury stock
method.
A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations for the periods presented
follows:
2010
(53 Weeks) 2009 2008
(In thousands, except for share and per share data)
Numerator:
Net earnings .......................................... $ 1,179,983 $ 1,055,948 $ 1,106,151
Denominator:
Weighted-average basic shares outstanding..................... 592,157,221 595,127,577 605,905,545
Dilutive effect of share-based awards ......................... 1,432,821 941,627 5,065,238
Weighted-average diluted shares outstanding ................... 593,590,042 596,069,204 610,970,783
Basic earnings per share: ................................... $ 1.99 $ 1.77 $ 1.83
Diluted earnings per share: .................................. $ 1.99 $ 1.77 $ 1.81
The number of options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was
approximately 58,200,000, 63,000,000 and 33,400,000 for fiscal 2010, 2009 and 2008, respectively.
Dividends declared were $585.7 million, $557.5 million and $513.6 million in fiscal 2010, 2009 and 2008, respectively. Included in dividends
declared for each year were dividends declared but not yet paid at year-end of approximately $148.0 million, $142.0 million and $132.0 million in
fiscal 2010, 2009 and 2008, respectively.
14. COMPREHENSIVE INCOME
Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency
translation adjustments, amounts related to cash flow hedging arrangements and certain amounts related to pension and other postretirement
plans.The amortization of the cash flow hedge noted in the tables below relates to a cash flow hedge of a forecasted debt issuance which was settled
in September 2005 and is being amortized over the life of the related debt. Comprehensive income was $977.7 million, $846.7 million and
$1,018.7 million in fiscal 2010, 2009 and 2008, respectively.
A summary of the components of other comprehensive (loss) income and the related tax effects for each of the years presented is as follows:
Before Tax
Amount Tax
Net of Tax
Amount
2010
(53 Weeks)
(In thousands)
Foreign currency translation adjustment . . ............................ $ 49,973 $ — $ 49,973
Amortization of cash flow hedge ................................... 695 267 428
Amortization of prior service cost ................................... 4,394 1,687 2,707
Amortization of net actuarial loss (gain), net ............................ 40,037 15,373 24,664
Amortization of transition obligation ................................. 153 60 93
Net actuarial (loss) gain, net arising in current year ....................... (454,756) (174,626) (280,130)
Other comprehensive loss . ....................................... $ (359,504) $ (157,239) $ (202,265)
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