Sysco 2015 Annual Report Download - page 69
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PARTII
ITEM8Financial Statements and Supplementary Data
Funded Status
Accumulated pension assets measured against the obligation for pension bene ts represents the funded status of a given plan. The funded status of
Sysco’s company-sponsored de ned bene t plans is presented in the table below. The caption “Pension Bene ts” in the tables below includes both the
Retirement Plan and the SERP.
(Inthousands)
Pension Bene ts Other Postretirement Plans
June27,2015 June28,2014 June27,2015 June28,2014
Change in bene t obligation:
Bene t obligation at beginning of year $ 3,671,708 $ 3,089,022 $ 12,611 $ 14,248
Service cost 11,263 9,657 536 546
Interest cost 171,120 160,436 590 748
Amendments 914 (347) - -
Actuarial (gain) loss, net (86,129) 492,720 (1,050) (3,280)
Total disbursements (89,749) (79,780) 329 349
Bene t obligation at end of year 3,679,127 3,671,708 13,016 12,611
Change in plan assets:
Fair value of plan assets at beginning of year 2,937,519 2,518,009 - -
Actual return on plan assets 80,225 474,538 - -
Employer contribution 75,133 24,752 (329) (349)
Total disbursements (89,749) (79,780) 329 349
Fair value of plan assets at end of year 3,003,128 2,937,519 - -
FUNDED STATUS AT END OF YEAR $ (675,999) $ (734,189) $ (13,016) $ (12,611)
In order to meet a portion of its obligations under the SERP, Sysco has contributed to a rabbi trust, COLI policies on the lives of participants and interests in
corporate-owned real estate assets. These assets are not included as plan assets or in the funded status amounts in the tables above and below. As they
are held in a rabbi trust, these assets are available to satisfy the claims of the company’s creditors in the event of bankruptcy or insolvency of the company.
The life insurance policies on the lives of the participants had carrying values of $97.2 million as of June 27, 2015 and $96.5 million as of June28, 2014.
Sysco is the sole owner and bene ciary of such policies.
The amounts recognized on Sysco’s consolidated balance sheets related to its company-sponsored de ned bene t plans are as follows:
(Inthousands)
Pension Bene ts Other Postretirement Plans
June27,2015 June28,2014 June27,2015 June28,2014
Current accrued bene t liability (Accrued expenses) $ (27,942) $ (25,712) $ (327) $ (313)
Non-current accrued bene t liability (Other long-term liabilities) (648,057) (708,477) (12,689) (12,298)
NET AMOUNT RECOGNIZED $ (675,999) $ (734,189) $ (13,016) $ (12,611)
Accumulated other comprehensive loss (income) as of June 27, 2015 consists of the following amounts that had not, as of that date, been recognized in
net bene t cost:
(Inthousands)
Pension Bene ts
Other
Postretirement
Plans Total
Prior service cost $ 50,109 $ 730 $ 50,839
Actuarial losses (gains) 1,101,051 (6,903) 1,094,148
TOTAL $ 1,151,160 $ (6,173) $ 1,144,987