Employee Benefit Plans

9 Months Ended

Mar. 31, 2012

Employee Benefit Plans [Abstract]

Employee Benefit Plans

7. EMPLOYEE BENEFIT PLANS

The components of net company-sponsored benefit cost for the 13-week periods presented are as follows:

	Pension Benefits						Other Postretirement Plans
	Mar. 31, 2012			Apr. 2, 2011			Mar. 31, 2012			Apr. 2, 2011
	(In thousands)
Service cost	$	27,055		$	24,861		$	114		$	99
Interest cost		36,878			33,743			158			131
Expected return on plan assets		(40,401	)		(32,980	)		—			—
Amortization of prior service cost		1,202			990			53			46
Recognized net actuarial loss (gain)		15,042			19,988			(82	)		(97	)
Amortization of transition obligation		—			—			39			39
Net periodic benefit cost	$	39,776		$	46,602		$	282		$	218

The components of net company-sponsored benefit cost for the 39-week periods presented are as follows:

	Pension Benefits						Other Postretirement Plans
	Mar. 31, 2012			Apr. 2, 2011			Mar. 31, 2012			Apr. 2, 2011
	(In thousands)
Service cost	$	81,166		$	74,582		$	342		$	297
Interest cost		110,635			101,230			474			393
Expected return on plan assets		(121,204	)		(98,940	)		—			—
Amortization of prior service cost		3,604			2,969			161			139
Recognized net actuarial loss (gain)		45,125			59,964			(248	)		(291	)
Amortization of transition obligation		—			—			115			115
Net periodic benefit cost	$	119,326		$	139,805		$	844		$	653

Sysco's contributions to its company-sponsored defined benefit plans were $16.7 million and $16.0 million during the 39-week periods ended March 31, 2012 and April 2, 2011, respectively.

The company made contributions of $140.0 million to its company-sponsored qualified pension plan (Retirement Plan) in fiscal 2011 that would normally have been made in fiscal 2012. Additional contributions to the Retirement Plan are not currently anticipated in fiscal 2012; however, management will evaluate the funding position at the end of fiscal 2012 and select the timing for a contribution at that time. The company's contributions to the Supplemental Executive Retirement Plan (SERP) and other post-retirement plans are made in the amounts needed to fund current year benefit payments. The estimated fiscal 2012 contributions to fund benefit payments for the SERP and other post-retirement plans are $23.1 million and $0.3 million, respectively.

In order to meet a portion of its obligations under the SERP, Sysco maintains corporate-owned life insurance policies (COLI) on the lives of the participants. In the second quarter of fiscal 2012, approximately $75.0 million of these policies were redeemed and corporate-owned real estate assets were substituted for these policies. None of the life insurance policies or this real estate are considered plan assets of the SERP; rather, the assets are held in a rabbi trust and are therefore available to satisfy the claims of the company's creditors in the event of bankruptcy or insolvency of the company.