Tyson Foods 2012 Annual Report Download - page 64

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64
Benefit Obligations And Funded Status
The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at September 29,
2012, and October 1, 2011:
in millions
Pension Benefits Other Postretirement
Qualified Non-Qualified Benefits
2012 2011 2012 2011 2012 2011
Change in benefit obligation
Benefit obligation at beginning of year $ 99 $ 97 $ 62 $ 42 $ 44 $ 45
Service cost — — 5 3 1 —
Interest cost 4 5 3 2 2 2
Plan participants’ contributions — — — — 1 1
Actuarial loss 5 3 13 17 25 4
Benefits paid (7) (6)(2)(2)(9)(8)
Benefit obligation at end of year 101 99 81 62 64 44
Change in plan assets
Fair value of plan assets at beginning of year 74 74 — — — —
Actual return on plan assets 13 1 — — — —
Employer contributions 6 5 2 2 8 7
Plan participants’ contributions — — — — 1 1
Benefits paid (7) (6)(2)(2)(9)(8)
Fair value of plan assets at end of year 86 74 — — — —
Funded status $ (15) $ (25) $ (81) $ (62) $ (64) $ (44)
Amounts recognized in the Consolidated Balance Sheets consist of:
in millions
Pension Benefits Other Postretirement
Qualified Non-Qualified Benefits
2012 2011 2012 2011 2012 2011
Accrued benefit liability $ (15) $ (25) $ (81) $ (62) $ (64) $ (44)
Accumulated other comprehensive (income)/loss:
Unrecognized actuarial loss 39 45 29 17 — —
Unrecognized prior service (cost)/credit — — 1 2 (4)(5)
Net amount recognized $ 24 $ 20 $ (51) $ (43) $ (68) $ (49)
At September 29, 2012, and October 1, 2011, all pension plans had an accumulated benefit obligation in excess of plan assets. The
accumulated benefit obligation for all qualified pension plans was $101 million and $99 million at September 29, 2012, and
October 1, 2011, respectively. Plans with accumulated benefit obligations in excess of plan assets are as follows:
in millions
Pension Benefits
Qualified Non-Qualified
2012 2011 2012 2011
Projected benefit obligation $ 101 $ 99 $ 81 $ 62
Accumulated benefit obligation 101 99 69 55
Fair value of plan assets 86 74 — —