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NOTE 10—EMPLOYEE BENEFIT PLANS
The Company sponsors frozen non-contributory qualified and non-qualified defined benefit pension plans generally covering all employees who, prior to the freeze, were age 21 or older and had completed at least 1,000 hours of service in their first twelve months of employment, or in a calendar year ending thereafter, and who were not covered by a collective bargaining agreement. The Company also offers eligible retirees the opportunity to participate in a health plan. Certain employees are eligible for subsidized postretirement medical benefits. The eligibility for these benefits is based upon a participant's age and service as of January 1, 2009.
The Company expects to make pension contributions of approximately $888,000 per quarter for a total of approximately $3,552,000 during fiscal 2013.
The measurement date used to determine pension and other postretirement benefits was March 29, 2012 for the Predecessor period and August 30, 2012 for the Successor period.
Net periodic benefit cost recognized for the plans during the thirteen weeks ended September 27, 2012 and September 29, 2011 consists of the following:
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Pension Benefits |
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Other Benefits |
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(In thousands) |
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From
Inception
August 31,
2012
through
September 27,
2012 |
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June 29,
2012
through
August 30,
2012 |
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Thirteen
Weeks Ended
September 29,
2011 |
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From
Inception
August 31,
2012
through
September 27,
2012 |
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June 29,
2012
through
August 30,
2012 |
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Thirteen
Weeks Ended
September 29,
2011 |
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(Successor)
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(Predecessor)
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(Predecessor)
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(Successor)
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(Predecessor)
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(Predecessor)
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Components of net periodic benefit cost: |
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Service cost |
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$ |
14 |
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$ |
31 |
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$ |
45 |
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$ |
14 |
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$ |
30 |
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$ |
38 |
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Interest cost |
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349 |
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|
803 |
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1,160 |
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72 |
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|
178 |
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294 |
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Expected return on plan assets |
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(339 |
) |
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(741 |
) |
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(1,117 |
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— |
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— |
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— |
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Amortization of net loss |
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— |
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368 |
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2 |
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— |
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36 |
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— |
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Amortization of prior service credit |
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— |
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— |
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— |
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— |
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(183 |
) |
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(222 |
) |
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Net periodic benefit cost |
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$ |
24 |
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$ |
461 |
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$ |
90 |
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$ |
86 |
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$ |
61 |
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$ |
110 |
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Net periodic benefit cost recognized for the plans during the twenty-six weeks ended September 27, 2012 and September 29, 2011 consists of the following:
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Pension Benefits |
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Other Benefits |
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(In thousands) |
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From
Inception
August 31,
2012
through
September 27,
2012 |
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March 30,
2012
through
August 30,
2012 |
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Twenty-six
Weeks Ended
September 29,
2011 |
|
From
Inception
August 31,
2012
through
September 27,
2012 |
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March 30,
2012
through
August 30,
2012 |
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Twenty-six
Weeks Ended
September 29,
2011 |
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(Successor)
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(Predecessor)
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(Predecessor)
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(Successor)
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(Predecessor)
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(Predecessor)
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Components of net periodic benefit cost: |
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Service cost |
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$ |
14 |
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$ |
76 |
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$ |
90 |
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$ |
14 |
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$ |
74 |
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$ |
75 |
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Interest cost |
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349 |
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1,962 |
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2,320 |
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|
72 |
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|
435 |
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|
589 |
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Expected return on plan assets |
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(339 |
) |
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(1,811 |
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(2,233 |
) |
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— |
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— |
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— |
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Amortization of net loss |
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— |
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|
899 |
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3 |
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— |
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88 |
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— |
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Amortization of prior service credit |
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— |
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— |
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— |
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— |
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(448 |
) |
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(445 |
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Net periodic benefit cost |
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$ |
24 |
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$ |
1,126 |
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$ |
180 |
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$ |
86 |
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$ |
149 |
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$ |
219 |
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