Avnet 2012 Annual Report Download - page 61

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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Weighted average assumptions used to determine net benefit costs are as follows:
The Company bases its discount rate on a hypothetical portfolio of bonds rated Aa by Moody’
s Investor Services or AA by Standard &
Poor's. The bonds selected for this determination are based upon the estimated amount and timing of services of the pension plan.
Components of net periodic pension costs during the last three fiscal years are as follows:
The Company made no contributions in fiscal 2012 and $500,000 in 2011 .
Benefit payments are expected to be paid to participants as follows for the next five fiscal years and the aggregate for the five years
thereafter (in thousands):
The Plan’s assets are held in trust and were allocated as follows as of the June 30 measurement date for fiscal 2012 and 2011:
58
2012
2011
Discount rate 5.25%
5.25%
Expected return on plan assets 8.50%
8.50%
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands)
Service cost
$
28,380
$
23,874
$
—
Interest cost
14,925
13,918
15,748
Expected return on plan assets
(26,938
)
(27,560
)
(30,137
)
Recognized net actuarial loss
9,680
8,938
5,687
Amortization of prior service credit
(1,875
)
(1,875
)
(4,884
)
Net periodic pension cost
$
24,172
$
17,295
$
(13,586
)
2013
$
28,399
2014
24,035
2015
24,903
2016
28,741
2017
31,977
2018 through 2022
218,671
2012
2011
Equity securities
75
%
76
%
Debt securities
24
24
Cash and receivables
1
—