Napa Auto Parts 2008 Annual Report Download - page 41

Download and view the complete annual report

Please find page 41 of the 2008 Napa Auto Parts 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 48

  • 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

Amounts recognized in accumulated other comprehensive (loss)
income consist of:
Other
Postretirement
Pension Benefits Benefits
(in thousands) 2008 2007 2008 2007
Net actuarial loss $ 863,484 $ 393,061 $ 24,575 $ 24,908
Prior service
(credit) cost (63,578) 2,748 1,161 1,533
$ 799,906 $ 395,809 $ 25,736 $ 26,441
For the pension benefits, the following table reflects the total ben-
efits expected to be paid from the plans’ or the Company’s assets.
Of the pension benefits expected to be paid in 2009, $2,830,000
is expected to be paid from employer assets. For pension benefits,
expected contributions reflect amounts expected to be contributed
to funded plans. For other postretirement benefits, the following
table reflects only the Company’s share of the benefit cost. e
expected benefit payments show the Company’s cost without regard
to income from federal subsidy payments received pursuant to the
Medicare Prescription Drug Improvement and Modernization Act
of 2003 (MMA). Expected MMA subsidy payments, which reduce
the Company’s cost for the plan, are shown separately.
Information about the expected cash flows for the pension plans and
other post retirement benefit plans follows:
Other Postretirement Benefits
Pension Employer Value Due to
(in thousands) Benefits Contribution MMA Subsidy
Employer contribution
2009 (expected) $ 53,391 $ 3,463 $ –
Expected
benefit payments
2009 48,423 3,996 533
2010 52,429 3,946 570
2011 57,693 3,892 –
2012 65,066 3,735 –
2013 72,135 3,607 –
2014 through 2018 455,665 17,617 –
Net periodic benefit cost included the following components:
Pension Benefits Other Postretirement Benefits
(in thousands) 2008 2007 2006 2008 2007 2006
Service cost $ 53,311 $ 53,700 $ 50,224 $ 880 $ 750 $ 475
Interest cost 90,300 82,029 72,246 1,614 1,441 1,327
Expected return on plan assets (114,690) (110,131) (100,174) – – –
Amortization of prior service
(credit) cost (24) (338) (471) 371 371 371
Amortization of actuarial loss 17,962 25,909 26,379 1,616 1,424 1,291
Net periodic benefit cost $ 46,859 $ 51,169 $ 48,204 $ 4,481 $ 3,986 $ 3,464
39