Sysco 2015 Annual Report Download - page 70
Download and view the complete annual report
Please find page 70 of the 2015 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.SYSCO CORPORATION-Form10-K62
PARTII
ITEM8Financial Statements and Supplementary Data
Accumulated other comprehensive loss (income) as of June 28, 2014 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 $ 60,306 $ 898 $ 61,204
Actuarial losses (gains) 1,058,651 (6,287) 1,052,364
TOTAL $ 1,118,957 $ (5,389) $ 1,113,568
The accumulated bene t obligation, which does not consider any salary increases for the remaining active union employees in the Retirement Plan, for the
company-sponsored de ned bene t pension plans was $3.7 billion and $3.7 billion as of June 27, 2015 and June 28, 2014, respectively.
Information for plans with accumulated bene t obligation/aggregate bene t obligation in excess of fair value of plan assets is as follows:
(Inthousands)
Pension Bene ts(1) Other Postretirement Plans
June27,2015 June28,2014 June27,2015 June28,2014
Accumulated bene t obligation/aggregate bene t obligation $ 3,667,031 $ 3,660,227 $ 13,016 $ 12,611
Fair value of plan assets at end of year 3,003,128 2,937,519 - -
(1) Information under Pension Benefits as of June 27, 2015 and June 28, 2014 includes both the Retirement Plan and the SERP.
Components of Net Bene t Costs and Other Comprehensive Income
The components of net company-sponsored pension costs for each scal year are as follows:
(Inthousands)
Pension Bene ts
2015 2014 2013
Service cost $ 11,263 $ 9,657 $ 70,166
Interest cost 171,120 160,436 148,561
Expected return on plan assets (228,624) (192,795) (171,201)
Amortization of prior service cost 11,111 11,145 9,899
Amortization of actuarial loss 19,871 16,327 72,624
Curtailment loss - - 8,293
NET PENSION (BENEFITS) COSTS $ (15,259) $ 4,770 $ 138,342
The components of other postretirement bene t costs for each scal year are as follows:
(Inthousands)
Other Postretirement Plans
2015 2014 2013
Service cost $ 536 $ 546 $ 541
Interest cost 590 748 614
Amortization of prior service cost 168 168 168
Amortization of actuarial gain (434) (143) (203)
Amortization of transition obligation - - 141
NET OTHER POSTRETIREMENT BENEFIT COSTS $ 860 $ 1,319 $ 1,261
Other changes in plan assets and bene t obligations recognized in other comprehensive income (loss) related to company-sponsored pension plans for
each scal year are as follows:
(Inthousands)
Pension Bene ts
2015 2014 2013
Amortization of prior service cost $ 11,111 $ 11,145 $ 18,192
Amortization of actuarial loss 19,871 16,327 72,624
Prior service cost arising in current year (914) 347 (53,902)
Actuarial (loss) gain arising in current year (62,270) (210,978) 366,957
NET PENSION COSTS $ (32,202) $ (183,159) $ 403,871