Napa Auto Parts 2010 Annual Report Download - page 57

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Table of Contents


Equity securities include Genuine Parts Company common stock in the amounts of $103,549,000 (7.2% of total plan assets) and
$76,563,000 (6.3% of total plan assets) at December 31, 2010 and 2009, respectively. Dividend payments received by the plan on
Company stock totaled approximately $3,308,000 and $3,227,000 in 2010 and 2009, respectively. Fees paid during the year for services
rendered by parties in interest were based on customary and reasonable rates for such services.
The changes in the fair value measurement of plan assets using significant unobservable inputs (Level 3) during 2010 and 2009
were not material.
Based on the investment policy for the pension plans, as well as an asset study that was performed based on the Company’s asset
allocations and future expectations, the Company’s expected rate of return on plan assets for measuring 2011 pension cost or income is
7.87% for the plans. The asset study forecasted expected rates of return for the approximate duration of the Company’s benefit
obligations, using capital market data and historical relationships.
The following table sets forth the funded status of the plans and the amounts recognized in the consolidated balance sheets at
December 31:
Amounts recognized in the consolidated balance sheets consist of:

 
   
 
Other long-term asset  $ 7,642   $ —
Other current liability  (3,595)  (3,030)
Pension and other post-retirement liabilities  (289,716)  (10,481)
 $(285,669)  $(13,511)
Amounts recognized in accumulated other comprehensive loss consist of:

 
   
 
Net actuarial loss  $715,678  $ 21,625
Prior service credit  (52,270)  (11,795)
 $ 663,408  $ 9,830
For the pension benefits, the following table reflects the total benefits expected to be paid from the plans’ or the Company’s assets. Of
the pension benefits expected to be paid in 2011, approximately $4,405,000 is expected to be paid from employer assets. For pension
benefits, expected employer contributions reflect amounts expected to be contributed to funded plans. For other postretirement benefits, the
following table’s employer contributions reflect only the Company’s share of the benefit cost. The expected benefit payments show the
Company’s cost without regard to income from federal subsidy payments received pursuant to the Medicare Prescription Drug
Improvement and Modernization Act of 2003 (MMA). Expected federal subsidy payments, which reduce the Company’s cost for the
plan, are shown separately.
F-22