Sysco 2011 Annual Report Download - page 80

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Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) related to company-sponsored
pension plans for each fiscal year are as follows:
2011
2010
(53 Weeks) 2009
(In thousands)
Amortization of prior service cost ..................................... $ 3,960 $ 4,209 $ 3,793
Amortization of net actuarial loss ...................................... 79,952 40,526 17,729
Pension liability assumption (prior service cost) ............................ — — (26,704)
Prior service cost arising in current year . ................................ (8,252) — (48)
Net actuarial gain (loss) arising in current year ............................. 84,055 (454,023) (201,417)
Net pension costs ................................................ $ 159,715 $ (409,288) $ (206,647)
Other changes in benefit obligations recognized in other comprehensive (loss) income related to other postretirement plans for each fiscal
year are as follows:
2011
2010
(53 Weeks) 2009
(In thousands)
Amortization of prior service cost ....................................... $ 185 $ 185 $ 130
Amortization of net actuarial gain ....................................... (388) (490) (158)
Amortization of transition obligation...................................... 153 153 153
Prior service cost arising in current year................................... (987) — (527)
Net actuarial (loss) gain arising in current year .............................. (157) (733) 3,813
Net pension costs .................................................. $ (1,194) $ (885) $ 3,411
Amounts included in accumulated other comprehensive loss (income) as of July 2, 2011 that are expected to be recognized as components
of net company-sponsored benefit cost during fiscal 2012 are:
Pension Benefits
Other
Postretirement
Plans Total
(In thousands)
Amortization of prior service cost ...................................... $ 4,805 $ 215 $ 5,020
Amortization of net actuarial losses (gains) . ............................... 60,166 (331) 59,835
Amortization of transition obligation ..................................... — 153 153
Total........................................................... $ 64,971 $ 37 $ 65,008
Employer Contributions
The company made cash contributions to its company-sponsored pension plans of $161.7 million and $297.9 million in fiscal years 2011 and
2010, respectively. The contributions in fiscal 2011 of $140.0 million to the Retirement Plan would normally have been made in fiscal 2012; there
were no minimum required contributions for the calendar 2010 plan year to meet ERISA minimum funding requirements. The contributions in
fiscal 2010 of $280.0 million to the Retirement Plan included the minimum required contribution for the calendar 2009 plan year to meet ERISA
minimum funding requirements, as well as $140.0 million of contributions that would normally have been made in fiscal 2011. Additional
contributions to the Retirement Plan are not currently anticipated in fiscal 2012, however we will evaluate our funding position at the end of fiscal
2012 and select the timing for a contribution at that time. The company’s contributions to the SERP and other post-retirement plans are made in
the amounts needed to fund current year benefit payments. The estimated fiscal 2012 contributions to fund benefit payments for the SERP and
other postretirement plans are $23.1 million and $0.3 million, respectively.
Estimated Future Benefit Payments
Estimated future benefit payments for vested participants, based on actuarial assumptions, are as follows:
Pension Benefits
Other
Postretirement
Plans
(In thousands)
2012 ................................................................... $ 65,259 $ 346
2013 ................................................................... 71,326 455
2014 ................................................................... 79,496 638
2015 ................................................................... 88,530 802
2016 ................................................................... 99,221 957
Subsequent five years ....................................................... 680,580 5,697
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