Baskin Robbins 2011 Annual Report Download - page 115

Download and view the complete annual report

Please find page 115 of the 2011 Baskin Robbins annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 127

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127

in the consolidated balance sheets, was $6.9 million and $7.4 million at December 31, 2011 and December 25, 2010,
respectively. As of December 31, 2011 and December 25, 2010, total investments held for the NQDC Plan were
$3.2 million and $4.3 million, respectively, and have been recorded in other assets in the consolidated balance sheets.
Canadian Pension Plan
The Company sponsors a contributory defined benefit pension plan in Canada, The Baskin-Robbins Employees’
Pension Plan (“Canadian Pension Plan”), which provides retirement benefits for the majority of its employees.
The components of net pension expense were as follows (in thousands):
Fiscal year ended
December 31,
2011
December 25,
2010
December 26,
2009
Service cost ............................ $222 155 99
Interest cost ............................ 340 316 276
Expected return on plan assets ............. (306) (287) (242)
Amortization of net actuarial loss ........... 54 26 —
Net pension expense ................. $310 210 133
The table below summarizes other balances for fiscal years 2011, 2010, and 2009 (in thousands):
Fiscal year ended
December 31,
2011
December 25,
2010
December 26,
2009
Change in benefit obligation:
Benefit obligation, beginning of year ....................... $6,042 5,087 3,532
Service cost ....................................... 222 155 99
Interest cost ....................................... 340 316 276
Employee contributions .............................. 81 69 51
Benefits paid ...................................... (479) (218) (196)
Actuarial (gain) loss ................................ (95) 417 675
Foreign currency (gain) loss, net ....................... (61) 216 650
Benefit obligation, end of year ............................ $6,050 6,042 5,087
Change in plan assets:
Fair value of plan assets, beginning of year .................. $4,797 4,247 3,162
Expected return on plan assets ........................ 306 287 395
Employer contributions .............................. 798 310 278
Employee contributions .............................. 81 69 51
Benefits paid ...................................... (479) (218) (196)
Actuarial loss ...................................... (505) (74) —
Foreign currency gain (loss), net ....................... (53) 176 557
Fair value of plan assets, end of year ....................... $4,945 4,797 4,247
Reconciliation of funded status:
Funded status .......................................... $(1,105) (1,245) (840)
Net amount recognized at end of period ................. $(1,105) (1,245) (840)
Amounts recognized in the balance sheet consist of:
Accrued benefit cost .................................... $(1,105) (1,245) (840)
Net amount recognized at end of period ................. $(1,105) (1,245) (840)
-105-