In December 2008, the FASB issued FASB Staff Position FSP 132(R)-1, "Employers Disclosures about Postretirement Benefit Plan Assets", which provides additional guidance on an employers' disclosures about plan assets of a defined benefit pension or other postretirement plan. This interpretation is effective for financial statements issued for fiscal years ending after December 15, 2009. The Company plans to adopt this interpretation in fiscal 2010. The adoption of this interpretation will increase the disclosures in the financial statements related to the assets of our defined benefit pension plans.
NOTE 2- Composition of Certain Financial Statement Captions:
|
|
2008 |
|
|
2007 |
|
| Inventories: |
|
|
|
|
|
|
|
|
| Meat, ingredients and supplies |
|
$ |
4,086 |
|
|
$ |
3,726 |
|
| Work in process |
|
|
2,322 |
|
|
|
1,360 |
|
| Finished goods |
|
|
9,644 |
|
|
|
13,246 |
|
| |
|
$ |
16,052 |
|
|
$ |
18,332 |
|
| |
|
|
|
|
|
|
|
|
| Property, plant and equipment: |
|
|
|
|
|
|
|
|
| Land |
|
$ |
1,840 |
|
|
$ |
1,840 |
|
| Buildings and improvements |
|
|
13,440 |
|
|
|
13,496 |
|
| Machinery and equipment |
|
|
40,796 |
|
|
|
42,025 |
|
| Asset impairment reserve |
|
|
(176 |
) |
|
|
(54 |
) |
| Transportation equipment |
|
|
7,368 |
|
|
|
7,650 |
|
| Construction in process |
|
|
247 |
|
|
|
104 |
|
| |
|
|
63,515 |
|
|
|
65,061 |
|
| Accumulated depreciation |
|
|
(53,740 |
) |
|
|
(53,840 |
) |
|
|
$ |
9,775 |
|
|
$ |
11,221 |
|
| |
| Other non-current assets: |
|
|
|
|
|
|
|
|
| Cash surrender value benefits |
|
$ |
10,253 |
|
|
$ |
11,181 |
|
| Intangible asset |
|
|
10 |
|
|
|
10 |
|
| |
|
$ |
10,263 |
|
|
$ |
11,191 |
|
| |
|
|
|
|
|
|
|
|
| Accrued payroll, advertising and other expenses: |
|
|
|
|
|
|
|
|
| Payroll, vacation, payroll taxes and employee benefits |
|
$ |
4,793 |
|
|
$ |
3,396 |
|
| Accrued advertising and broker commissions |
|
|
1,031 |
|
|
|
929 |
|
| Property taxes |
|
|
356 |
|
|
|
363 |
|
| Others |
|
|
670 |
|
|
|
565 |
|
| |
|
$ |
6,850 |
|
|
$ |
5,253 |
|
| |
| Current portion of non-current liabilities: |
|
|
|
|
|
|
|
|
| Incentive compensation |
|
$ |
129 |
|
|
$ |
203 |
|
| Accrued pension cost |
|
|
916 |
|
|
|
2,877 |
|
| Other accrued retirement plans |
|
|
510 |
|
|
|
506 |
|
| Post retirement healthcare |
|
|
0 |
|
|
|
85 |
|
|
|
$ |
1,555 |
|
|
$ |
3,671 |
|
| |
| Non-current liabilities: |
|
|
|
|
|
|
|
|
| Incentive compensation |
|
$ |
241 |
|
|
$ |
285 |
|
| Accrued pension cost |
|
|
3,354 |
|
|
|
688 |
|
| Other accrued retirement plans |
|
|
3,542 |
|
|
|
3,692 |
|
| Post retirement healthcare |
|
|
806 |
|
|
|
1,111 |
|
|
|
$ |
7,943 |
|
|
$ |
5,776 |
|
|
