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This excerpt taken from the CPB DEF 14A filed Oct 8, 2009. Change in Pension
Value and Nonqualified Deferred Compensation Earnings (Column
H)
The change in pension amounts reported for fiscal 2009 are
comprised of changes between August 3, 2008 and
August 2, 2009 in the actuarial present value of the
accumulated pension benefits for each of the NEOs. The NEOs
receive pension benefits under the same formula applied to all
U.S. salaried employees, except for benefits accrued under
the Mid-Career Hire Pension Plan. The assumptions used by the
Company in calculating the change in pension value are described
beginning on page 43.
The values reported in this column are theoretical, as those
amounts are calculated pursuant to SEC requirements and are
based on assumptions used in preparing the Company’s
consolidated audited financial statements for the years ended
August 3, 2008 and August 2, 2009. The Company’s
pension plans utilize a different method of calculating
actuarial present value for the purpose of determining a lump
sum payment, if any, under the plans. The change in pension
value from year to year as reported in the table is subject to
market volatility and may not represent the value that a NEO
will actually accrue under the Company’s pension plans
during any given year. The material provisions of the
Company’s pension plans and deferred compensation plans are
described beginning on page 41 and on pages 44
and 55.
The change in pension amounts for fiscal 2009 for executives was
as follows: Mr. Conant: $2,926,890; Mr. Owens:
$426,950; Mr. DiSilvestro: $381,569; Ms. Kaden:
$887,309; Mr. McWilliams: $843,185; and Ms. Morrison:
$91,230.
Messrs. Conant and McWilliams received above-market
earnings (as this term is defined by the SEC) on their
nonqualified deferred compensation accounts because part of
their accounts were credited with interest at The Wall Street
Journal indexed prime rate, which is adjusted on a monthly
basis. In certain months during fiscal 2009 this rate exceeded
120% of the applicable federal long-term rate and this
additional amount is included in column H. The additional amount
for these executives was as follows: Mr. Conant: $28,503
and Mr. McWilliams: $1,996.
This excerpt taken from the CPB DEF 14A filed Oct 9, 2008. Change in Pension
Value and Nonqualified Deferred Compensation Earnings (Column
H)
The change in pension amounts reported for fiscal 2008 are
comprised of changes between July 29, 2007 and
August 3, 2008 in the actuarial present value of the
accumulated pension benefits for each of the NEOs. The NEOs
receive pension benefits under the same formula applied to all
U.S. salaried employees, except for benefits accrued under
the Mid-Career Hire Pension Plan. The assumptions used by the
Company in calculating the change in pension value are described
beginning on page 40.
The values reported in this column are theoretical, as those
amounts are calculated pursuant to SEC requirements and are
based on assumptions used in preparing the Company’s
consolidated audited financial statements for the years ended
July 29, 2007 and August 3, 2008. The Company’s
pension plans utilize a different method of calculating
actuarial present value for the purpose of determining a lump
sum payment, if
any, under the plan. The change in pension value from year to
year as reported in the table is subject to market volatility
and may not represent the value that a NEO will actually accrue
under the Company’s pension plans during any given year.
The material provisions of the Company’s pension plans and
deferred compensation plans are described beginning on
page 38 and on page 41.
The change in pension amounts for executives was as follows:
Mr. Conant: $158,953; Mr. Schiffner: $0;
Ms. Kaden: $0; Mr. McWilliams: $187,445; and
Ms. Morrison: $573,981.
Messrs. Conant, Schiffner and McWilliams received
above-market earnings (as this term is defined by the SEC) on
their nonqualified deferred compensation accounts because part
of their accounts was credited with interest at The Wall Street
Journal indexed prime rate. This rate of 7.8% for fiscal 2008
exceeded 120% of the applicable federal long-term rate by 2.24%,
and this additional amount is included in column H. The
additional amount for these executives was as follows:
Mr. Conant: $65,452; Mr. Schiffner: $58,011; and
Mr. McWilliams: $4,583.
This excerpt taken from the CPB DEF 14A filed Oct 10, 2007. Change in Pension
Value and Nonqualified Deferred Compensation Earnings (Column
H)
The change in pension amounts reported are comprised of changes
between July 30, 2006 and July 29, 2007 in the
actuarial present value of the accumulated pension benefits for
each of the NEOs. The NEOs receive pension benefits under the
same formula applied to all U.S. salaried employees, except
for benefits accrued under the Mid-Career Hire Pension program.
The assumptions used by the Company in calculating the change in
pension value are described beginning on page 35.
The values reported in this column are theoretical as those
amounts are calculated pursuant to SEC requirements and are
based on assumptions used in preparing the Company’s
consolidated audited financial statements for the years ended
July 30, 2006 and July 29, 2007. The Company’s
pension plans utilize a different method of calculating
actuarial present value for the purpose of determining a lump
sum payment, if any, under the plan. The change in pension value
from year to year as reported in the table is subject to market
volatility and may not represent the value that a NEO will
actually accrue under the Company’s pension plans
Table of Contents
during any given year. The material provisions of the
Company’s pension plans and deferred compensation plans are
described beginning on page 33 and on page 36.
Messrs. Conant, Schiffner and McWilliams received above-market
earnings (as this term is defined by the SEC) on their
nonqualified deferred compensation accounts because part of
their accounts were credited with interest at The Wall Street
Journal indexed prime rate. This rate of 7.7% for fiscal 2007
exceeded 120% of the applicable federal long-term rate by 1.75%,
and this additional amount is included in column H. The
additional amount for these executives was as follows: Mr.
Conant: $46,901; Mr. Schiffner: $35,991; and Mr. McWilliams:
$3,284.
The change in pension amounts for executives was as follows: Mr.
Conant: $836,854; Mr. Schiffner: $640,236; Mr. Sarvary:
$263,675; Ms. Kaden: $370,429; and Mr. McWilliams; $249,356.
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