Napa Auto Parts 2009 Annual Report Download - page 55
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Table of Contents
2008, respectively. Fees paid during the year for services rendered by parties in interest were based on customary and reasonable rates for
such services.
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2009 due to the
following:
Balance, beginning of year $ 5,449
Actual return on assets held at end of year (1,257)
Balance, end of year $ 4,192
Based on the investment policy for the pension plans, as well as an asset study that was performed based on the Company’s asset
allocations and future expectations, the Company’s expected rate of return on plan assets for measuring 2010 pension cost or income is
8.00% for the plans. The asset study forecasted expected rates of return for the approximate duration of the Company’s benefit
obligations, using capital market data and historical relationships.
The following table sets forth the funded status of the plans and the amounts recognized in the consolidated balance sheets at
December 31:
Amounts recognized in the consolidated balance sheets consist of:
Other long-term asset $ 7,229 $ —
Other current liability (2,742) (3,363)
Pension and other post-retirement liabilities (476,650) (25,955)
$ (472,163) $ (29,318)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss $ 863,484 $24,575
Prior service (credit) cost (63,578) 1,161
$799,906 $25,736
For the pension benefits, the following table reflects the total benefits expected to be paid from the plans’ or the Company’s assets. Of
the pension benefits expected to be paid in 2010, approximately $3,595,000 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. The 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 federal subsidy payments, which reduce the Company’s cost for the plan, are shown separately.
F-22