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SWY » Topics » NOTE G-EMPLOYEE BENEFIT PLANS

This excerpt taken from the SWY 10-Q filed Jul 17, 2008.

NOTE G–EMPLOYEE BENEFIT PLANS

The following table provides the components of net pension expense for retirement plans (in millions):

 

     12 Weeks
Ended
June 14,
2008		     12 Weeks
Ended
June 16,
2007		     24 Weeks
Ended
June 14,
2008		     24 Weeks
Ended
June 16,
2007		  

Estimated return on assets

    $ (39.4 )   $ (38.9 )   $ (78.9 )   $ (77.6 )

Service cost

      23.8       21.4       47.1       42.5  

Interest cost

      28.9       27.7       57.8       55.2  

Amortization of prior service cost

      5.0       5.3       10.1       10.6  

Amortization of unrecognized losses

      1.4       1.2       2.8       2.4  
                                

Net pension expense

    $ 19.7     $ 16.7     $ 38.9     $ 33.1  
                                

Safeway made approximately $23.2 million of contributions to its defined benefit pension plan trusts, including $1.6 million for the Retirement Restoration Plan, in the first 24 weeks of 2008. For the remainder of 2008, Safeway currently anticipates contributing an additional $17.6 million to these trusts.

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