WeightWatchers 2002 Annual Report Download - page 78

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Heinz Sponsored Plans—Prior to the Transaction:
Domestic employees participated in certain defined pension plans, a defined contribution 401(k)
savings plan and, for employees affected by certain IRS limits, a section 415 Excess Plan, all of which
are sponsored by Heinz. The Company also provided post-retirement health care and life insurance
benefits for employees who meet the eligibility requirements of the Heinz plans. Retirees share in the
cost of these benefits based on age and years of service.
Company contributions to the Heinz Savings Plan include a qualified age-related contribution and
a matching of the employee’s contribution, up to a specified amount.
The following amounts were included in the Company’s results of operations:
April 29,
2000
Defined Benefit Pension Plans ................................. $421
Defined Benefit Postretirement Medical .......................... $253
Savings Plan .............................................. $994
In addition, foreign employees participated in certain Company sponsored pension plans and such
charges, which are included in the results of operations, were not material.
14. Cash Flow Information
Eight Months
Ended
December 28, December 29, December 30, April 29,
2002 2001 2000 2000
Net cash paid during the year for:
Interest expense ......................... $41,588 $54,556 $31,639 $31,401
Income taxes ........................... $75,684 $39,474 $8,405 $13,601
Noncash investing and financing activities were as
follows:
Deferred tax asset recorded as a component of
shareholders’ deficit in conjunction with the
recapitalization of the Company ............ ———$72,100
Redeemable preferred stock issued to Heinz . . . . ———$25,875
Reduction of existing receivable in connection
with the acquisition of minority interest ...... ——$ 1,124 —
Fair value of assets acquired in connection with
the acquisitions ........................ $ 461 $ 3,709 ——
Liabilities incurred in connection with the public
equity offering......................... —$ 1,950 ——
Liability incurred in connection with a
noncompete agreement .................. —$ 1,200 ——
F-29