Food Lion 2011 Annual Report Download - page 123
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DELHAIZE GROUP FINANCIAL STATEMENTS ’11 // 121
The following table presents a reconciliation of the number of closed stores included in the closed store provision:
Number of Closed Stores
Balance at January 1, 2009
149
Store closings added
32
Stores sold/lease terminated
(35)
Balance at December 31, 2009
146
Store closings added
7
Stores sold/lease terminated
(49)
Balance at December 31, 2010
104
Store closings added
18
Stores sold/lease terminated
(20)
Balance at December 31, 2011
102
Expenses relating to closed store provisions were recorded in the income statement as follows:
(in millions of EUR) Note 2011 2010 2009
Other operating expenses
28
8
2
17
Interest expense included in “Finance costs”
29.1
4
4
4
Results from discontinued operations 5.3 — — —
Total
12
6
21
20.2 Self-insurance Provision
Delhaize Group’s U.S. operations are self-insured for their workers’ compensation, general liability, vehicle accident and
pharmacy claims up to certain retentions and holds excess-insurance contracts with external insurers for any costs in excess of
these retentions. The self-insurance liability is determined actuarially, based on claims filed and an estimate of claims incurred
but not reported. The assumptions used in the development of the actuarial estimates are based upon historical claims
experience, including the average monthly claims and the average lag time between incurrence and payment.
The maximum retentions, including defense costs per occurrence, are:
• USD 1.0 million per accident for workers’ compensation;
• USD 3.0 million per occurrence for general liability;
• USD 3.0 million per accident for vehicle accident; and
• USD 5.0 million per occurrence for pharmacy claims.
Our property insurance in the U.S. includes self-insured retentions per occurrence of USD 10 million for named windstorms, USD
5 million for Zone A flood losses and USD 2.5 million for all other losses.
Delhaize Group is also self-insured in the U.S. for health care, which includes medical, pharmacy, dental and short-term
disability. The self-insurance liability for claims incurred but not reported is based on available information and considers annual
actuarial evaluations of historical claims experience, claims processing procedures and medical cost trends.