Napa Auto Parts 2009 Annual Report Download - page 53
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Table of Contents
The benefit obligations for the Company’s U.S. pension plans included in the above were $1,382,677,000 and $1,360,045,000 at
December 31, 2009 and 2008, respectively. The total accumulated benefit obligation for the Company’s defined benefit pension plans was
approximately $1,315,266,000 and $1,238,101,000 at December 31, 2009 and 2008, respectively.
The assumptions used to measure the pension and other postretirement plan benefit obligations for the plans at December 31, 2009
and 2008, were:
Weighted-average discount rate 6.50% 6.00%
Rate of increase in future compensation levels 3.75% —
A 7.5% annual rate of increase in the per capita cost of covered health care benefits was assumed on December 31, 2009. The rate
was assumed to decrease ratably to 5% at December 31, 2014, and thereafter.
Fair value of plan assets at beginning of year $1,365,776 $ —
Actual return on plan assets (326,669) —
Exchange rate gain (loss) (23,098) —
Employer contributions 3,355 3,882
Plan participants’ contributions 3,216 3,782
Benefits paid (44,713) (7,664)
Fair value of plan assets at end of year $ 977,867 $ —
The fair values of plan assets for the Company’s U.S. pension plans included in the above were $1,092,787,000 and
$882,211,000 at December 31, 2009 and 2008, respectively.
The asset allocations for the Company’s funded pension plans at December 31, 2009 and 2008, and the target allocation for 2010,
by asset category were:
Equity securities 58%
Debt securities 39%
Real estate 3%
100%
The Company’s benefit plan committees in the U.S. and Canada establish investment policies and strategies and regularly monitor
the performance of the funds. The pension plan strategy implemented by the Company’s management is to achieve long-term objectives
and invest the pension assets in accordance with the applicable pension legislation in the U.S. and Canada, as well as fiduciary
standards. The long-term primary objectives for the pension plans are to provide for a reasonable amount of long-term growth of capital,
without undue exposure to risk,
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