NOTE 2- Composition of Certain Financial Statement Captions:
| |
|
|
|
| |
|
2009 |
|
|
2008 |
|
Inventories: |
|
|
|
|
|
|
Meat, ingredients and supplies |
|
$ |
4,488 |
|
|
$ |
4,086 |
|
Work in process |
|
|
1,647 |
|
|
|
2,322 |
|
Finished goods |
|
|
9,460 |
|
|
|
9,644 |
|
| |
|
$ |
15,595 |
|
|
$ |
16,052 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Land |
|
$ |
1,807 |
|
|
$ |
1,840 |
|
Buildings and improvements |
|
|
13,476 |
|
|
|
13,440 |
|
Machinery and equipment |
|
|
41,412 |
|
|
|
40,796 |
|
Asset impairment |
|
|
(176 |
) |
|
|
(176 |
) |
Transportation equipment |
|
|
6,931 |
|
|
|
7,368 |
|
Construction in process |
|
|
212 |
|
|
|
247 |
|
| |
|
|
63,662 |
|
|
|
63,515 |
|
Accumulated depreciation |
|
|
(55,362 |
) |
|
|
(53,740 |
) |
| |
|
$ |
8,300 |
|
|
$ |
9,775 |
|
| |
|
|
|
|
|
|
|
|
Other non-current assets: |
|
|
|
|
|
|
|
|
Cash surrender value benefits |
|
$ |
10,576 |
|
|
$ |
10,253 |
|
Intangible asset |
|
|
10 |
|
|
|
10 |
|
| |
|
$ |
10,586 |
|
|
$ |
10,263 |
|
Accrued payroll, advertising and other expenses: |
|
|
|
|
|
|
|
|
Payroll, vacation, payroll taxes and employee benefits |
|
$ |
3,596 |
|
|
$ |
4,793 |
|
Accrued advertising and broker commissions |
|
|
1,012 |
|
|
|
1,031 |
|
Property taxes |
|
|
372 |
|
|
|
356 |
|
Others |
|
|
340 |
|
|
|
670 |
|
| |
|
$ |
5,320 |
|
|
$ |
6,850 |
|
| |
|
|
|
|
|
|
|
|
Current portion of non-current liabilities: |
|
|
|
|
|
|
|
|
Incentive compensation |
|
$ |
661 |
|
|
$ |
129 |
|
Defined benefit retirement plan |
|
|
2,394 |
|
|
|
916 |
|
Other accrued retirement plans |
|
|
544 |
|
|
|
510 |
|
Post retirement healthcare |
|
|
68 |
|
|
|
— |
|
| |
|
$ |
3,667 |
|
|
$ |
1,555 |
|
| |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Incentive compensation |
|
$ |
1,224 |
|
|
$ |
241 |
|
Defined benefit retirement plan |
|
|
7,647 |
|
|
|
3,354 |
|
Other accrued retirement plans |
|
|
3,394 |
|
|
|
3,542 |
|
Post retirement healthcare |
|
|
997 |
|
|
|
806 |
|
| |
|
$ |
13,262 |
|
|
$ |
7,943 |
|
NOTE 3- Retirement and Other Benefit Plans:
Noncontributory-Trusteed Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees
We have noncontributory-trusteed defined benefit retirement plans for sales, administrative, supervisory and certain other employees. In the third quarter of fiscal 2006, we froze future benefit accruals under this plan for employees classified within the administrative, sales or supervisory job classifications or within any non-bargaining class. The benefits under these plans are primarily based on years of service and compensation levels. The funding policy of the plan is to make contributions which are at least equal to the minimum required contributions needed to avoid a funding deficiency. The measurement date for the plan is our fiscal year end.
Net pension cost consisted of the following:
| |
|
Years Ended |
|
| |
|
2009 |
|
|
2008 |
|
Service cost |
|
$ |
102 |
|
|
$ |
148 |
|
Interest cost |
|
|
2,023 |
|
|
|
1,948 |
|
Expected return on plan assets |
|
|
(1,702 |
) |
|
|
(2,300 |
) |
Amortization of unrecognized loss |
|
|
89 |
|
|
|
— |
|
Amortization of unrecognized prior service costs |
|
|
1 |
|
|
|
1 |
|
Net pension cost (income) |
|
$ |
513 |
|
|
$ |
(203 |
) |
|
