Albertsons 2014 Annual Report Download - page 103

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subject to the availability of cash in excess of operating and financing needs or other factors as may be
applicable. The Company assesses the relative attractiveness of the use of cash including expected return on
assets, discount rates, cost of debt, reducing or eliminating required PBGC variable rate premiums or in order to
achieve exemption from participant notices of underfunding. In addition, the Company has entered into an
agreement with the PBGC relating to the NAI Banner Sale where it has agreed to contribute in excess of the
minimum required amounts by making additional contributions of $25 by the end of fiscal 2015, an additional
$25 by the end of fiscal 2016 and an additional $50 by the end of fiscal 2017. Refer to Note 12—Commitments,
Contingencies and Off—Balance Sheet Arrangements for additional information on the Company’s benefit plan
agreements related to the sale of New Albertsons.
Estimated Future Benefit Payments
The estimated future benefit payments to be paid from the Company’s defined benefit pension plans and other
postretirement benefit plans, which reflect expected future service, are as follows:
Fiscal Year Pension Benefits
Other Postretirement
Benefits
2015 $ 115 $ 6
2016 122 7
2017 128 6
2018 137 6
2019 147 6
Years 2020-2024 851 31
Defined Contribution Plans
The Company sponsors several defined contribution and profit sharing plans pursuant to Section 401(k) of the
Internal Revenue Code. Employees may contribute a portion of their eligible compensation to the plans on a pre-
tax basis. The Company matches a portion of employee contributions by contributing cash into the investment
options selected by the employees. The total amount contributed by the Company to the plans is determined by
plan provisions or at the discretion of the Company. Total employer contribution expenses for these plans were
$11, $17 and $23 for fiscal 2014, 2013 and 2012, respectively. Matching contributions were reduced or
eliminated in January 2013 for most employees. Plan assets also include 3 and 7 shares of the Company’s
common stock as of February 22, 2014 and February 23, 2013, respectively.
Post-Employment Benefits
The Company recognizes an obligation for benefits provided to former or inactive employees. The Company is
self-insured for certain disability plan programs which comprise, the primary benefits paid to inactive employees
prior to retirement. As of February 22, 2014, the obligation for post-employment benefits was $24, with $9
included in Accrued vacation, compensation and benefits, and $15 included in Other long-term liabilities.
Multiemployer Plans
The Company contributes to various multiemployer pension plans under collective bargaining agreements,
primarily defined benefit pension plans. These multiemployer plans generally provide retirement benefits to
participants based on their service to contributing employers. The benefits are paid from assets held in trust for
that purpose. Plan trustees typically are responsible for determining the level of benefits to be provided to
participants as well as the investment of the assets and plan administration. Trustees are appointed in equal
number by employers and the unions that are parties to the collective bargaining agreement.
101