Old COPPER Company, Inc. - 10-Q filing on 2012-06-06

Retirement Benefit Plans

3 Months Ended

Apr. 28, 2012

The components of net periodic benefit expense/(income) for our non-contributory qualified defined benefit pension plan (primary plan) and non-contributory supplemental pension plans for the three months ended April 28, 2012 and April 30, 2011 were as follows:


		Primary Plan				Supplemental				Total
		Three Months Ended				Three Months Ended				Three Months Ended
($ in millions)		April 28,		April 30,		April 28,		April 30,		April 28,		April 30,
		2012		2011		2012		2011		2012		2011
Service cost	$	23	$	22	$	-	$	1	$	23	$	23
Interest cost		62		62		3		3		65		65
Expected return on plan assets		(94)		(96)		-		-		(94)		(96)
Net amortization		58		34		6		3		64		37
Net periodic benefit expense/(income)	$	49	$	22	$	9	$	7	$	58	$	29

The components of the net periodic benefit expense/(income) of our contributory postretirement health and welfare plan were predominantly included in SG&A expenses on the Consolidated Statements of Operations and were as follows:


		Three Months Ended
($ in millions)		April 28,		April 30,
		2012		2011
Service cost	$	-	$	-
Interest cost		-		-
Expected return on plan assets		-		-
Net amortization		(4)		(6)
Net periodic benefit expense/(income)	$	(4)	$	(6)

Defined Contribution Plans

Our defined contribution plans include a qualified Savings, Profit-Sharing and Stock Ownership Plan (401(k) plan), which includes a non-contributory retirement account, and a non-qualified contributory unfunded mirror savings plan offered to certain management associates. Total expense for our defined contribution plans for the first quarters of 2012 and 2011 was $15 million and $16 million, respectively, and was predominantly included in SG&A expenses on the Consolidated Statements of Operations.