Sysco 2010 Annual Report Download - page 81
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Please find page 81 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.Before Tax
Amount Tax
Net of Tax
Amount
2009
(In thousands)
Foreign currency translation adjustment ............................... $ (84,452) $ — $ (84,452)
Amortization of cash flow hedge .................................... 694 266 428
Amortization of prior service cost .................................... 3,923 1,505 2,418
Amortization of net actuarial loss (gain), net ............................. 17,571 6,747 10,824
Amortization of transition obligation . . . ............................... 153 60 93
Pension liability assumption ........................................ (26,704) (10,254) (16,450)
Prior service cost arising in current year ............................... (575) (221) (354)
Net actuarial (loss) gain, net arising in current year ........................ (197,604) (75,879) (121,725)
Other comprehensive loss ......................................... $ (286,994) $ (77,776) $ (209,218)
Before Tax
Amount Tax
Net of Tax
Amount
2008
(In thousands)
Foreign currency translation adjustment ................................ $ 30,514 $ — $ 30,514
Amortization of cash flow hedge ..................................... 693 266 427
Amortization of prior service cost ..................................... 6,128 2,351 3,777
Amortization of net actuarial loss (gain), net . ............................ 3,253 1,250 2,003
Amortization of transition obligation ................................... 153 60 93
Prior service credit arising in current year . . . ............................ 30,048 11,538 18,510
Net actuarial (loss) gain, net arising in current year ......................... (231,836) (89,025) (142,811)
Other comprehensive loss . . ....................................... $ (161,047) $ (73,560) $ (87,487)
The following table provides a summary of the changes in accumulated other comprehensive (loss) income for the years presented:
Pension and Other
Postretirement
Benefit Plans,
net of tax
Foreign Currency
Translation
Interest Rate Swap,
net of tax Total
(In thousands)
Balance as of June 30, 2007...................... $ (125,265) $ 133,500 $ (12,296) $ (4,061)
Adoption of pension measurement date provision ....... 22,780 — — 22,780
Foreign currency translation adjustment .............. — 30,514 — 30,514
Amortization of cash flow hedge ................... — — 427 427
Amortization of prior service cost .................. 3,777 — — 3,777
Amortization of net actuarial loss (gain), net . .......... 2,003 — — 2,003
Amortization of transition obligation ................. 93 — — 93
Prior service credit arising in current year . . . .......... 18,510 — — 18,510
Net actuarial (loss) gain, net arising in current year ...... (142,811) — — (142,811)
Balance as of June 28, 2008...................... (220,913) 164,014 (11,869) (68,768)
Foreign currency translation adjustment .............. — (84,452) — (84,452)
Amortization of cash flow hedge ................... — — 428 428
Amortization of prior service cost .................. 2,418 — — 2,418
Amortization of net actuarial loss (gain), net . .......... 10,824 — — 10,824
Amortization of transition obligation ................. 93 — — 93
Pension liability assumption ...................... (16,450) — — (16,450)
Prior service cost arising in current year .............. (354) — — (354)
Net actuarial (loss) gain, net arising in current year ...... (121,725) — — (121,725)
Balance as of June 27, 2009...................... (346,107) 79,562 (11,441) (277,986)
Foreign currency translation adjustment .............. — 49,973 — 49,973
Amortization of cash flow hedge ................... — — 428 428
Amortization of prior service cost .................. 2,707 — — 2,707
Amortization of net actuarial loss (gain), net . .......... 24,664 — — 24,664
Amortization of transition obligation ................. 93 — — 93
Net actuarial (loss) gain, net arising in current year ...... (280,130) — — (280,130)
Balance as of July 3, 2010 . ...................... $ (598,773) $ 129,535 $ (11,013) $ (480,251)
15. SHARE-BASED COMPENSATION
Sysco provides compensation benefits to employees and non-employee directors under several share-based payment arrangements including
various employee stock option plans, the Employees’ Stock Purchase Plan, the Management Incentive Plan and various non-employee director plans.
Stock Incentive Plans
Sysco’s 2007 Stock Incentive Plan was amended in November 2009 to increase the total number of shares authorized for issuance under the
plan from 30,000,000 to 55,000,000 shares. The number of shares available for issuance as options or stock appreciation rights was increased
from 25,000,000 to 55,000,000 shares. The number of shares available for issuance as restricted stock, restricted stock units or other types of
stock-based awards was increased from 5,000,000 to 10,000,000 shares.The amendment also removed the provision that allowed for issuance of
restricted stock, restricted stock units and other types of stock-based awards in excess of the 5,000,000 share limitation if the aggregate number of
shares available for issuance under the plan was reduced by four shares for each share issued in excess of the limitation. To date, Sysco has issued
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