Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 02, 2012

Components of Net Periodic Cost (Benefit) Related to Pension and Other Postretirement Benefit Plans Abstract

Components of Net Periodic Cost (Benefit) Related to Pension and Other Postretirement Benefit Plans Disclosure

Note 7: Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans
		13 Weeks Ended June 2, 2012 and May 28, 2011
										Other
		Pension Benefits								Postretirement
		U.S. Plans				Non-U.S. Plans				Benefits
Net periodic cost (benefit):		2012		2011		2012		2011		2012		2011
Service cost	$	22	$	909	$	329	$	283	$	135	$	128
Interest cost		4,024		4,079		2,165		1,843		617		669
Expected return on assets		(5,938)		(6,125)		(2,136)		(2,000)		(816)		(772)
Amortization:
Prior service cost		12		110		(1)		(1)		(1,173)		(1,174)
Actuarial (gain)/ loss		964		1,148		634		692		1,283		1,483
Net periodic cost (benefit)	$	(916)	$	121	$	991	$	817	$	46	$	334
		26 Weeks Ended June 2, 2012 and May 28, 2011
										Other
		Pension Benefits								Postretirement
		U.S. Plans				Non-U.S. Plans				Benefits
Net periodic cost (benefit):		2012		2011		2012		2011		2012		2011
Service cost	$	44	$	2,280	$	589	$	550	$	270	$	257
Interest cost		8,048		8,360		3,894		3,596		1,234		1,338
Expected return on assets		(11,876)		(12,497)		(3,936)		(3,903)		(1,632)		(1,544)
Amortization:
Prior service cost		24		127		(2)		(2)		(2,346)		(2,347)
Actuarial (gain)/ loss		1,928		2,649		1,263		1,347		2,578		2,966
Net periodic cost (benefit)	$	(1,832)	$	919	$	1,808	$	1,588	$	104	$	670

During the second quarter of 2011, we announced significant changes to our U.S. Pension Plan (the Plan). The changes included: benefits under the Plan were locked-in using service and salary as of May 31, 2011, participants no longer earn benefits for future service and salary as they had in the past, affected participants receive a three percent increase to the locked-in benefit for every year they continue to work for us and we began making a retirement contribution of three percent of eligible compensation to the 401(k) Plan for those participants. These changes to the Plan represented a plan curtailment as there is no longer a service cost component in the net periodic pension cost as all participants are considered inactive in the Plan.