Sysco 2015 Annual Report Download - page 71
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PARTII
ITEM8Financial Statements and Supplementary Data
Other changes in bene t obligations recognized in other comprehensive (loss) income related to other postretirement plans for each scal year are as follows:
(Inthousands)
Other Postretirement Plans
2015 2014 2013
Amortization of prior service cost $ 168 $ 168 $ 168
Amortization of actuarial gain (434) (143) (203)
Amortization of transition obligation - - 141
Actuarial (loss) gain arising in current year 1,050 3,280 (188)
NET PENSION COSTS $ 784 $ 3,305 $ (82)
Amounts included in accumulated other comprehensive loss (income) as of June 27, 2015 that are expected to be recognized as components of net
company-sponsored bene t cost during scal 2016 are:
(Inthousands)
Pension Bene ts
Other
Postretirement
Plans Total
Amortization of prior service cost $ 11,202 $ 169 $ 11,371
Amortization of actuarial losses (gains) 22,186 (481) 21,705
TOTAL $ 33,388 $ (312) $ 33,076
Employer Contributions
The company made cash contributions to its company-sponsored pension plans of $75.1 million and $24.8 million in scal years 2015 and 2014, respectively.
There were no required contributions to the Retirement Plan to meet ERISA minimum funding requirements in scal 2015. The $50 million contribution to
the Retirement Plan in scal 2015 was voluntary, as there were no required contributions to meet ERISA minimum funding requirements in scal 2015.
There are no required contributions to the Retirement Plan to meet ERISA minimum funding requirements in scal 2016. The company’s contributions to
the SERP and other post-retirement plans are made in the amounts needed to fund current year bene t payments. The estimated scal 2016 contributions
to fund bene t payments for the SERP and other postretirement plans are $27.9 million and $0.3 million, respectively.
Estimated Future Bene t Payments
Estimated future bene t payments for vested participants, based on actuarial assumptions, are as follows:
(Inthousands)
Pension Bene ts
Other
Postretirement
Plans
2016 $ 105,555 $ 327
2017 115,844 546
2018 126,413 824
2019 137,300 1,035
2020 148,517 1,213
Subsequent ve years 906,784 6,658
Assumptions
Weighted-average assumptions used to determine bene t obligations as of year-end were:
June27,2015 June28,2014
Discount rate — Retirement Plan 4.84% 4.74%
Discount rate — SERP 4.63 4.59
Discount rate — Other Postretirement Plans 4.84 4.74
Rate of compensation increase — Retirement Plan 3.89 3.89
As bene t accruals under the SERP were frozen as of June 29, 2013, due to the plan freeze discussed above, future pay is not projected in the determination
of the bene t obligation as of June 27, 2015 or June 28, 2014.