Sysco 2012 Annual Report Download - page 84

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SYSCO CORPORATION-Form10-K 61
PARTII
ITEM8Financial Statements and Supplementary Data
Other changes in plan assets and benefi t obligations recognized in other comprehensive income (loss) related to company-sponsored pension plans for each
fi scal year are as follows:
(In thousands)
Pension Benefi ts
2012 2011
2010
(53Weeks)
Amortization of prior service cost $ 4,806 $ 3,960 $ 4,209
Amortization of actuarial loss 60,166 79,952 40,526
Prior service cost arising in current year (8,706) (8,252) -
Actuarial (loss) gain arising in current year (579,366) 84,055 (454,023)
NET PENSION COSTS $ (523,100) $ 159,715 $ (409,288)
Other changes in benefi t obligations recognized in other comprehensive (loss) income related to other postretirement plans for each fi scal year are as follows:
(In thousands)
Other Postretirement Plans
2012 2011
2010
(53Weeks)
Amortization of prior service cost $ 215 $ 185 $ 185
Amortization of actuarial gain (331) (388) (490)
Amortization of transition obligation 153 153 153
Prior service cost arising in current year - (987) -
Actuarial (loss) gain arising in current year (925) (157) (733)
NET PENSION COSTS $ (888) $ (1,194) $ (885)
Amounts included in accumulated other comprehensive loss (income) as of June30,2012 that are expected to be recognized as components of net company-
sponsored benefi t cost during fi scal 2013 are:
(In thousands)
Pension
Benefi ts
Other
Postretirement
Plans Total
Amortization of prior service cost $ 5,847 $ 169 $ 6,016
Amortization of actuarial losses (gains) 76,086 (203) 75,883
Amortization of transition obligation - 141 141
TOTAL $ 81,933 $ 107 $ 82,040
Employer Contributions
The company made cash contributions to its company-sponsored pension plans of $162.4million and $161.7million in fi scal years 2012 and 2011,
respectively. The $140.0million contribution to the Retirement Plan in fi scal 2012 exceeded the minimum required contribution for the calendar 2011 plan
year to meet ERISA minimum funding requirements. The $140.0million contribution to the Retirement Plan in fi scal 2011 was voluntary, as there was no
minimum required contribution for the calendar 2010 plan year. There are no required contributions to the Retirement Plan to meet ERISA minimum funding
requirements in fi scal 2013. The company’s contributions to the SERP and other post-retirement plans are made in the amounts needed to fund current
year benefi t payments. The estimated fi scal 2013 contributions to fund benefi t payments for the SERP and other postretirement plans are $23.4million
and $0.4million, respectively.
Estimated Future Benefi t Payments
Estimated future benefi t payments for vested participants, based on actuarial assumptions, are as follows:
(In thousands)
Pension
Benefi ts
Other
Postretirement
Plans
2013 $ 74,988 $ 378
2014 82,762 523
2015 92,032 743
2016 102,279 921
2017 113,637 1,063
Subsequent fi ve years 732,601 6,169