ANYTIMEkANYPLACEkANYWHERE - Heinz
ANYTIMEkANYPLACEkANYWHERE - Heinz
ANYTIMEkANYPLACEkANYWHERE - Heinz
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The following summarizes information about shares under option in the respective exercise<br />
price ranges at May 3, 2000:<br />
Options Outstanding<br />
Options Exercisable<br />
Range of Exercise<br />
Price Per Share<br />
Number<br />
Outstanding<br />
Weighted-Average<br />
Remaining Life<br />
(Years)<br />
Weighted-Average<br />
Exercise Price<br />
Per Share<br />
Number<br />
Exercisable<br />
Weighted-Average<br />
Exercise Price<br />
Per Share<br />
$21.75 – 33.88 15,536,049 4.42 $27.00 12,902,472 $25.99<br />
36.75 – 48.38 3,591,333 7.01 41.13 1,079,967 39.54<br />
49.31 – 59.94 10,590,900 8.41 53.88 2,447,660 56.49<br />
29,718,282 16,430,099<br />
The shares authorized but not granted under the company’s stock option plans were 393,000<br />
at May 3, 2000 and 452,335 at April 28, 1999. Common stock reserved for options totaled<br />
30,111,282 at May 3, 2000 and 30,969,565 at April 28, 1999.<br />
The company’s management incentive plan covers officers and other key employees.<br />
Participants may elect to be paid on a current or deferred basis. The aggregate amount of all<br />
awards may not exceed certain limits in any year. Compensation under the management<br />
incentive plans was approximately $44 million in Fiscal 2000, $47 million in Fiscal 1999 and<br />
$46 million in Fiscal 1998.<br />
10. RETIREMENT PLANS The company maintains retirement plans for the majority of its employees. Current defined<br />
benefit plans are provided primarily for domestic union and foreign employees. Defined<br />
contribution plans are provided for the majority of its domestic non-union hourly and salaried<br />
employees.<br />
Total pension cost consisted of the following:<br />
(Dollars in thousands) 2000 1999 1998<br />
Components of defined benefit net periodic benefit cost:<br />
Service cost $ 27,352 $ 23,617 $ 21,038<br />
Interest cost 84,096 82,958 83,005<br />
Expected return on assets (121,735) (109,490) (103,421)<br />
Amortization of:<br />
Net initial asset (3,629) (3,632) (4,333)<br />
Prior service cost 8,067 8,026 8,466<br />
Net actuarial loss/(gain) 1,931 (3,752) (10,307)<br />
Loss due to curtailment, settlement and special<br />
termination benefits 27,908 60,485 6,482<br />
Net periodic benefit cost 23,990 58,212 930<br />
Defined contribution plans (excluding the ESOP) 20,558 23,980 23,571<br />
Total pension cost $ 44,548 $ 82,192 $ 24,501<br />
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