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

9 Months Ended

Aug. 27, 2011

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 6: Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans
		13 Weeks Ended August 27, 2011 and August 28, 2010
										Other
		Pension Benefits								Postretirement
		U.S. Plans				Non-U.S. Plans				Benefits
Net periodic cost (benefit):		2011		2010		2011		2010		2011		2010
Service cost	$	12	$	1,374	$	285	$	236	$	128	$	135
Interest cost		4,041		4,276		1,857		1,650		669		731
Expected return on assets		(6,231)		(6,558)		(2,015)		(1,850)		(772)		(684)
Amortization:
Prior service cost		(1)		17		(1)		(1)		(1,173)		(1,159)
Actuarial (gain)/ loss		504		616		699		588		1,484		1,583
Settlement		-		-		-		144		-		-
Net periodic cost (benefit)	$	(1,675)	$	(275)	$	825	$	767	$	336	$	606
		39 Weeks Ended August 27, 2011 and August 28, 2010
										Other
		Pension Benefits								Postretirement
		U.S. Plans				Non-U.S. Plans				Benefits
Net periodic cost (benefit):		2011		2010		2011		2010		2011		2010
Service cost	$	2,292	$	4,122	$	835	$	776	$	385	$	406
Interest cost		12,401		12,828		5,453		5,238		2,007		2,192
Expected return on assets		(18,728)		(19,674)		(5,918)		(5,861)		(2,316)		(2,051)
Amortization:
Prior service cost		126		50		(3)		(3)		(3,520)		(3,477)
Actuarial (gain)/ loss		3,153		1,850		2,046		1,894		4,450		4,749
Settlement		-		-		-		965		-		-
Net periodic cost (benefit)	$	(756)	$	(824)	$	2,413	$	3,009	$	1,006	$	1,819

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

The Plan assets and liabilities were remeasured as of April 30, 2011 and the funded position of the Plan improved from an overfunded position of $5,386 as of November 27, 2010 to an overfunded position of $39,085 as of April 30, 2011. The improvement was primarily due to strong asset performance through the first five months of the fiscal year.The discount rate used for the April 30 remeasurement was 5.50 percent as compared to the year-end 2010 discount rate of 5.49 percent. The expected return on assets remained at 8.0 percent for the April 30 remeasurement.