CHS 2011 Annual Report Download - page 47

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46 2011 CHS
NOTE 10
BENEFIT PLANS
The Company has various pension and other defined benefit and defined contribution plans, in which substantially all
employees may participate. The Company also has non-qualified supplemental executive and board retirement plans.
Financial information on changes in benefit obligation and plan assets funded and balance sheets status as of
August 31, 2011 and 2010 is as follows:
(DOLLARS IN THOUSANDS) 2011 2010 2011 2010 2011 2010
QUALIFIED
PENSION BENEFITS
NON-QUALIFIED
PENSION BENEFITS OTHER BENEFITS
Change in benefit obligation:
Benefit obligation at beginning of period $493,601 $415,469 $ 47,233 $ 40,524 $ 46,262 $ 38,202
Service cost 25,232 20,774 1,246 1,220 1,771 1,386
Interest cost 22,257 23,034 1,933 2,235 2,194 2,153
Actuarial loss (gain) 759 5,634 (1,233) 239 1,199 1,016
Assumption change (11,014) 53,587 (514) 4,995 912 4,368
Plan amendments 365 392 1,047
Special agreements 1,722
Medicare D 216 105
Excise tax on high cost healthcare plans 6,279
Benefits paid (30,147) (25,289) (19,984) (1,980) (1,969) (2,690)
Benefit obligation at end of period $501,053 $493,601 $ 29,728 $ 47,233 $ 56,864 $ 46,262
Change in plan assets:
Fair value of plan assets at beginning of period $478,361 $410,181
Actual gain on plan assets 57,608 23,469
Company contributions 35,000 70,000 $ 19,984 $ 1,980 $ 1,969 $ 2,690
Benefits paid (30,147) (25,289) (19,984) (1,980) (1,969) (2,690)
Fair value of plan assets at end of period $540,822 $478,361 $ — $ — $ — $ —
Funded status at end of period $ 39,769 $ (15,240) $(29,728) $(47,233) $(56,864) $(46,262)
Amounts recognized on balance sheet:
Non-current assets $ 40,047
Accrued benefit cost:
Current liabilities $ (3,205) $ (8,231) $ (3,111) $ (2,834)
Non-current liabilities (278) $ (15,240) (26,523) (39,002) (53,753) (43,428)
Ending balance $ 39,769 $ (15,240) $(29,728) $(47,233) $(56,864) $(46,262)
Amounts recognized in accumulated other comprehensive
loss (pretax):
Net transition obligation $ 1,651 $ 2,586
Prior service cost (credit) $ 11,223 $ 13,185 $ 497 $ 638 (190) (312)
Net loss 247,669 289,853 7,124 13,527 14,076 6,199
Noncontrolling interests (20,524) (25,112) (82) (184) (3,821) (1,997)
Ending balance $238,368 $277,926 $ 7,539 $ 13,981 $ 11,716 $ 6,476
The accumulated benefit obligation of the qualified pension plans was $466.8 million and $459.5 million at
August 31, 2011 and 2010, respectively. The accumulated benefit obligation of the non-qualified pension plans was
$17.0 million and $31.3 million at August 31, 2011 and 2010, respectively.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS