v2.3.0.11
PENSION AND OTHER POSTRETIREMENT PLANS
 6 Months Ended
May 28, 2011
PENSION AND OTHER POSTRETIREMENT PLANS [Abstract]  
PENSION AND OTHER POSTRETIREMENT PLANS
PENSION AND OTHER POSTRETIREMENT PLANS
 
The Company provides various retirement benefits, including defined benefit plans and postretirement healthcare plans covering certain current and retired employees in the U.S. and abroad.  Components of net periodic benefit cost and Company contributions for these plans were as follows:


 
Quarter Ended
 
Six Months Ended
 
May 28,

2011
 
May 29,

2010
 
May 28,

2011
 
May 29,

2010
Pension Benefits:
 
 
 
 
 
 
 
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
492


 
$
527


 
$
984


 
$
1,055


Interest cost
2,014


 
2,031


 
4,024


 
4,070


Expected return on plan assets
(1,923
)
 
(1,777
)
 
(3,843
)
 
(3,562
)
Amortization of unrecognized:
 


 
 
 
 
 
 
Prior service cost
(99
)
 
(99
)
 
(198
)
 
(198
)
Net actuarial loss
1,266


 
1,199


 
2,423


 
2,400


Net periodic benefit cost
1,750


 
1,881


 
3,390


 
3,765


Settlement cost
—


 
—


 
1,368


 
—


Total benefit cost
$
1,750


 
$
1,881


 
$
4,758


 
$
3,765


 
 
 
 
 
 
 
 
Cash contributions
$
204


 
$
93


 
$
2,242


 
$
186


 


During the first quarter of 2011, the Company recorded settlement costs in connection with the retirement of one of its former executive officers.


 
Quarter Ended
 
Six Months Ended
 
May 28,

2011
 
May 29,

2010
 
May 28,

2011
 
May 29,

2010
Postretirement Healthcare Benefits:
 
 
 
 
 
 
 
Components of net periodic benefit income:
 
 
 
 
 
 
 
Interest cost
$
6


 
$
8


 
$
12


 
$
16


Amortization of unrecognized:
 


 
 


 
 
 
 
Prior service cost
(31
)
 
(31
)
 
(62
)
 
(62
)
Net actuarial gain
(32
)
 
(32
)
 
(64
)
 
(64
)
Net periodic benefit income
$
(57
)
 
$
(55
)
 
$
(114
)
 
$
(110
)
 
 
 
 
 
 
 
 
Cash contributions
$
30


 
$
39


 
$
60


 
$
78




The Company’s policy is to contribute to its qualified U.S. and non-U.S. pension plans at least the minimum amount required by applicable laws and regulations, to contribute to the U.S. combined nonqualified plans when required for benefit payments, and to contribute to the postretirement healthcare benefit plan an amount equal to the benefit payments.  The Company, from time to time, makes voluntary contributions in excess of the minimum amount required as economic conditions warrant.  The Company expects to contribute up to $15,400 to its U.S. qualified plans, $2,194 to its U.S. combined nonqualified plans, $403 to its non-U.S. plan and $121 to its postretirement healthcare benefit plan to pay benefits during 2011.


In addition to the plan assets related to its qualified plans, the Company has also funded $1,333 and $1,258 at May 28, 2011 and November 27, 2010, respectively, into a restricted trust for its U.S. combined nonqualified plans (see Note 6).  This trust is included in Other noncurrent assets in the Consolidated Condensed Balance Sheets.