PERFORMANCE FOOD GROUP COMPANY 11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the fiscal year ended: December 31, 2005
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the transition period from _____________________ to ______________________
Commission File No.: 0-22192
Performance Food Group Company
Employee Savings and Stock Ownership Plan
(Full title of the Plan)
PERFORMANCE FOOD GROUP COMPANY
(Name of the issuer of the securities held pursuant to the Plan)
12500 WEST CREEK PARKWAY
RICHMOND, VA 23238
(Address of principal executive office of the issuer)
Performance Food Group Company
Employee Savings and Stock Ownership Plan
Index to Financial Statements and Exhibits
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1 |
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2 |
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3 |
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Supplemental Schedules |
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12 |
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13 |
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Exhibit 23 - Consent of KPMG LLP, Independent Registered Public Accounting Firm |
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Report of Independent Registered Public Accounting Firm
The Board of Directors
Performance Food Group Company
Employee Savings and Stock Ownership Plan:
We have audited the accompanying statements of assets available for benefits of the Performance
Food Group Company Employee Savings and Stock Ownership Plan (the Plan) as of December 31, 2005 and
2004, and the related statement of changes in assets available for benefits for the year ended
December 31, 2005. These financial statements are the responsibility of the Plans management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the assets available for benefits of the Plan as of December 31, 2005 and 2004, and the
changes in assets available for benefits for the year ended December 31, 2005, in conformity with
U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedules, Schedule H, Line 4a Schedule of Delinquent
Participant Contributions Year Ended December 31, 2005 and Schedule H, Line 4i Schedule of
Assets (Held at End of Year) December 31, 2005 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are supplementary
information required by the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules
are the responsibility of the Plans management. The supplemental schedules have been subjected to
the auditing procedures applied in the audits of the basic financial statements, and, in our
opinion, are fairly stated, in all material respects, in relation to the basic financial statements
taken as a whole.
/s/ KPMG
LLP
Richmond, Virginia
June 16, 2006
1
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Statements of Assets Available for Benefits
December 31, 2005 and 2004
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2005 |
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2004 |
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401(k) and |
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401(k) and |
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ESOP |
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profit sharing |
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Total |
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ESOP |
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profit sharing |
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Total |
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Investments (note 3): |
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Common stock of Performance Food Group
Company, at fair value |
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$ |
31,429,935 |
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$ |
4,681,843 |
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$ |
36,111,778 |
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$ |
43,337,260 |
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$ |
3,583,090 |
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$ |
46,920,350 |
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Mutual funds, at fair value |
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4,539,450 |
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61,259,651 |
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65,799,101 |
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1,932,845 |
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59,244,684 |
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61,177,529 |
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Common collective trust funds, at fair value |
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2,854,336 |
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48,243,314 |
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51,097,650 |
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2,003,346 |
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54,200,316 |
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56,203,662 |
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Participant loans, at cost, which approximates fair value |
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5,651,596 |
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5,651,596 |
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5,572,883 |
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5,572,883 |
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Total investments |
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38,823,721 |
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119,836,404 |
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158,660,125 |
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47,273,451 |
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122,600,973 |
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169,874,424 |
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Employee contributions receivable |
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40 |
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40 |
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252,811 |
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252,811 |
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Employer contributions receivable |
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19 |
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19 |
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161,145 |
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161,145 |
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Loan payments receivable |
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37,502 |
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37,502 |
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Assets available for benefits (note 5) |
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$ |
38,823,721 |
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$ |
119,836,463 |
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$ |
158,660,184 |
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$ |
47,273,451 |
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$ |
123,052,431 |
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$ |
170,325,882 |
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See accompanying notes to financial statements
2
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Statement of Changes in Assets Available for Benefits
Year Ended December 31, 2005
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401(k) and |
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ESOP |
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profit sharing |
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Total |
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Additions to assets attributed to: |
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Interest and dividend income |
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$ |
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$ |
3,274,054 |
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$ |
3,274,054 |
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Net appreciation in fair value of investments (note 3) |
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3,452,940 |
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5,832,551 |
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9,285,491 |
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Employee contributions |
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15,932,289 |
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15,932,289 |
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Employer contributions |
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9,651,292 |
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9,651,292 |
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Rollovers from other plans |
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2,086,477 |
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2,086,477 |
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Total additions |
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3,452,940 |
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36,776,663 |
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40,229,603 |
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Deductions from assets attributed to: |
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Benefits paid to participants |
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6,422,295 |
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14,482,539 |
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20,904,834 |
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Transfers to other plans (note 6) |
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5,471,436 |
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25,021,063 |
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30,492,499 |
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Fees and commissions |
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8,939 |
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489,029 |
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497,968 |
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Total deductions |
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11,902,670 |
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39,992,631 |
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51,895,301 |
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Decrease in assets available for benefits (note 5) |
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(8,449,730 |
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(3,215,968 |
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(11,665,698 |
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Assets available for benefits: |
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Beginning of year |
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47,273,451 |
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123,052,431 |
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170,325,882 |
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End of year |
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$ |
38,823,721 |
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$ |
119,836,463 |
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$ |
158,660,184 |
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See accompanying notes to financial statements
3
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
(1) Description of the Plan
The following description of the Performance Food Group Company Employee Savings and Stock
Ownership Plan (the Plan) provides only general information. Participants should refer to the
plan agreement for a more complete description of the Plans provisions (see note 7 for
various plan amendments subsequent to year-end).
(a) General
The Plan consists of two components: an employee stock ownership plan (the ESOP
component) and a defined contribution plan (the 401(k) and profit sharing component).
Effective January 1, 2002, all employees who had completed 60 days of service became
eligible to participate in the Plan. Entry dates into the Plan are January 1, April 1,
July 1, and October 1 of each year. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
The Plans investments are held in funds administered by Wachovia Bank, N.A. (Wachovia),
which acts as trustee for the 401(k), profit sharing plan and the ESOP. It is the
responsibility of Wachovia to manage the assets of the Plan in accordance with the terms
of the trust agreement and to make distributions from the Plan as Performance Food Group
Company (the Company) may direct in writing.
Costs of plan administration may be paid by the Plan; however, certain expenses have been
paid by the Company. During 2005 and 2004, the Company paid plan administrative expenses
of approximately $102,988 and $120,500, respectively.
(b) Contributions
Participants may elect to contribute from 1% to 50% of their salaries to their 401(k)
savings plan accounts through payroll deductions. A participants maximum annual
tax-deferred contribution was limited to $14,000 in 2005. This limitation is adjusted
annually as provided in Internal Revenue Code (IRC) Section 415(d). Effective January 1,
2002, participants who are 50 years or older are eligible to make an additional pretax
contribution, known as a catch-up contribution, which is not subject to the statutory
limitations applicable to regular employee contributions. The limit for catch-up
contributions in 2005 was $4,000 per participant. In 2005, the Company matched 200% of
the first 1% of participant contributions, 100% of the next 1% of participant
contributions, and 50% of the next 2% of participant contributions. In 2005, 25% of the
first 200% of the Companys contribution was made in common stock of the Company. In
addition, the Company, at the discretion of the board of directors (the Board), may make
additional contributions of cash or Company common stock to the Plan. In 2005, the Board
approved and recorded a discretionary profit sharing allocation in the amount of $948,022
based on the Companys consolidated pretax profits during the 2004 fiscal year.
Participants in the 401(k) component of the Plan currently have 12 investment options
available to them with respect to how their participant and employer contributions are
invested. The investment options include common collective trust funds, a money market
fund, various types of mutual funds, and the Companys common stock. Participants may
direct their contributions to one or more of
(Continued)
4
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
these investment options, with the exception that participants may not direct more than
25% of their contributions to the Companys common stock investment option.
(c) Participant Accounts
Each participants account is credited with the participants salary reduction
contribution, the Companys matching contribution, an allocation of the profit sharing
contribution, if applicable, and earnings of the Plan. At September 30, 2004, all shares
of the Companys common stock subject to the ESOP component had been allocated to
participants and no new participants in the ESOP component of the Plan will be added
after December 31, 2003.
Forfeitures of unvested balances are used to reduce future Company contributions for the
401(k) component of the Plan and/or pay Plan expenses (see note 1(f)). Forfeitures of
unvested balances for the ESOP Plan are reallocated to participant accounts. ESOP Plan
forfeitures in 2005 were $433,408.
(d) Vesting
Each participant is fully vested in his or her salary reduction contribution account,
rollover account, if any, and prior plan employee account, if any.
Vesting for the employer contribution accounts is as follows:
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Vested |
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percentage |
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Years of service: |
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Less than 2 years |
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None |
2 years |
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20 |
% |
3 years |
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40 |
% |
4 years |
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60 |
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5 years |
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80 |
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6 years or more |
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100 |
% |
A year of service is credited on each anniversary of a participants employment.
(e) Participant Loans
Participants may borrow from their accounts amounts not less than $1,000 and not
exceeding the lesser of $50,000 or 50% of their vested account balances. Loans are to be
repaid through payroll deductions over a period of one to five years; however, if the
loan proceeds are used to acquire a
principal residence of the participant, repayment terms can be extended to 10 years.
Repayments of principal and interest are credited directly to the participants current
investment election. The interest rate charged is set at the time of the loan, fixed for
the duration of the loan and is based on the prime rate in effect the day the loan was
made. Loan balances due upon termination are either paid in full or will be deducted from
the participants total distribution from the Plan.
(Continued)
5
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
(f) Payment of Benefits
Upon termination of employment, retirement, disability, or death, participants are
entitled to their vested interests in the Plan. Benefits from the 401(k) component of the
Plan are paid in cash and the ESOP benefits are paid in whole shares of Company common
stock or cash in accordance with provisions of the Plan. A participant may elect to
receive benefits as follows: (1) a lump sum distribution, or (2) other forms of
settlement approved by the Board.
Any unvested interest in the 401(k) component of the Plan is forfeited upon a termination
distribution of the participants vested account balance or after the participant reaches
a five year period of severance from the Plan and is used to reduce future employer
matching contributions. Forfeitures in 2005 were $1,069,357.
(g) Related-Party Transactions
Certain plan investments are shares of the Companys common stock. Transactions in shares
of the Companys common stock under the 401(k) component of the Plan qualify as
party-in-interest transactions. During 2005, the 401(k) component of the Plan made
purchases and sales of the Companys common stock of $10,896,197 and $4,384,571,
respectively.
In August 2005, the Company purchased approximately 10.1 million shares of its common
stock at an average purchase price of $29.75 per share as a result of its modified Dutch
Auction tender offer. Of the approximately 10.1 million shares purchased, 16,815 shares
were held within the Plan.
Certain plan investments are shares of common collective trust funds and mutual funds
managed by Wachovia. Wachovia is the trustee of the 401(k) component of the Plan, and
therefore, transactions involving these investments qualify as party-in-interest
transactions. Fees paid by the Plan for investment management services related to the
mutual funds managed by Wachovia totaled $176,589 for the year ended December 31, 2005.
(h) ESOP Diversification
ESOP diversification is offered to all participants who are 100% vested in their balance
so that they may have the opportunity to move their investment in Company common stock
into investments which are more diversified.
The Company has the right to apply the following age and service requirements below if it
is deemed necessary by plan sponsor management. Participants who are at least age 55 with
at least 10 years of participation in the Plan may elect to diversify a portion of his or
her ESOP account. ESOP diversification is offered to each eligible participant over a
six-year period. In each of the first five years, a participant may diversify up to 25%
of the number of post-1986 shares allocated to his or her
ESOP account, less any shares previously diversified. In the sixth year, the percentage
changes to 50%.
(Continued)
6
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
(i) Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan subject to
the provisions of ERISA. In the event of plan termination, participants will become 100%
vested in their accounts.
(2) Summary of Significant Accounting Policies
(a) Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of
accounting. As the profit sharing contribution is discretionary and approved subsequent
to year-end, it is recorded in the year the funds are allocated to the participant
accounts. (See note 1(b)).
(b) Investments
The Plans investments are stated at fair value. Purchases and sales of investments are
recorded on a trade-date basis. The cost of investments sold is based on average cost.
Dividends are recorded on the ex-dividend date. Interest is recorded as earned.
The Plans investments, in general, are exposed to various risks, such as interest rate,
credit, and overall market volatility risks. In addition, due to the level of risk
associated with certain investment securities, it is reasonably possible that changes in
the values of investment securities will occur in the near term and that such changes
could materially affect the amounts reported in the statement of assets available for
benefits.
(c) Fair Value of Financial Instruments
The fair values of the common stock, common collective trust funds, and mutual funds are
determined by Wachovia and are based upon quoted market prices of underlying assets.
Participant loans are recorded at cost, which approximates fair value.
(d) Payment of Benefits
Benefits are recorded when paid.
(e) Use of Estimates
The preparation of financial statements, in conformity with U.S. generally accepted
accounting principles, requires management to make estimates and assumptions that affect
the reported amounts of assets, liabilities, and changes therein, and disclosure of
contingent assets and liabilities. Actual results could differ from those estimates.
(Continued)
7
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
(3) Investments
The fair value of the following investments owned at December 31, 2005 and 2004 represented 5%
or more of the Plans assets available for benefits:
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2005 |
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2004 |
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Common stock of Performance Food Group Company,
1,272,886 shares and 1,734,603 shares |
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$ |
36,111,778 |
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$ |
46,920,350 |
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Common collective trust fund |
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Wachovia Stable Portfolio Group Trust, 603,987 and 684,330 units |
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44,042,548 |
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47,990,995 |
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Mutual funds: |
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Vanguard Wellington Fund, 371,663 and 374,761 units |
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11,279,961 |
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11,314,034 |
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Growth Fund of America, 406,593 and 421,239 units |
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12,547,460 |
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11,533,518 |
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Columbia Acorn Fund, 296,679 and 263,254 units |
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8,357,458 |
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6,963,063 |
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AIM Mid Cap Core Equity Fund, 279,066 and 284,001 units |
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7,972,918 |
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8,133,812 |
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The Plans investments (including gains and losses on investments bought and sold, as well as
held during the year) appreciated in fair value for the year ended December 31, 2005 as
follows:
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Common stock of Performance Food Group Company |
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$ |
3,318,418 |
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Common collective trust funds |
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2,196,229 |
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Mutual funds |
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3,770,844 |
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$ |
9,285,491 |
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The provisions of the Plan provide that certain eligible participants in the ESOP component
are permitted to diversify their investment balances and move their investment in Company
common stock into other permitted investments (see note 1(h)). The ESOP components investment
in Company common stock, not subject to the diversification provisions, is considered a
nonparticipant-directed investment. The amount of the nonparticipant-directed investment in
Company common stock totaled $1,792,640 and $9,936,114 at December 31, 2005 and 2004,
respectively.
(Continued)
8
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
Since the changes in the components of the participant-directed and nonparticipant-directed
investment in the Companys common stock can not be separately determined, all amounts are
deemed to be nonparticipant-directed. Information about the significant components of changes
in the investment in the Companys common stock held in the ESOP component of the plan is as
follows:
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2005 |
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2004 |
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Beginning balance at fair value |
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$ |
43,337,260 |
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67,778,710 |
|
Interest |
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|
337 |
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Other receipts |
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|
476,712 |
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Net appreciation in fair value |
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|
2,939,897 |
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|
(16,410,473 |
) |
Benefits paid to participants |
|
|
(4,965,740 |
) |
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|
(3,414,303 |
) |
Transfers to other plans |
|
|
(4,309,936 |
) |
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Fund exchanges out |
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(5,563,247 |
) |
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(5,090,632 |
) |
Other disbursements |
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(8,299 |
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(3,091 |
) |
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Ending balance at fair value |
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$ |
31,429,935 |
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43,337,260 |
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(4) Federal Income Taxes
The Internal Revenue Service has previously determined and informed the Company by a letter
dated September 9, 2002 that the Plan is designed in accordance with applicable sections of
the Internal Revenue Code (IRC). The Plan has been amended since the date of the letter
received from the Internal Revenue Service, nevertheless, the Company believes the Plan has
operated in accordance with the applicable requirements of the IRC and is consistent with the
provisions of the Plan document.
(5) Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of assets available for benefits under the Plan per the
financial statements at December 31, 2005 and 2004 to Form 5500:
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2005 |
|
|
2004 |
|
Assets available for benefits per the financial statements |
|
$ |
158,660,184 |
|
|
|
170,325,882 |
|
Contributions receivable |
|
|
(59 |
) |
|
|
(451,458 |
) |
Difference in valuation of Company common stock |
|
|
28,141 |
|
|
|
50,391 |
|
Other |
|
|
378 |
|
|
|
12,320 |
|
|
|
|
|
|
|
|
Assets available for benefits per Form 5500 |
|
$ |
158,688,644 |
|
|
|
169,937,135 |
|
|
|
|
|
|
|
|
(Continued)
9
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
The following is a reconciliation of the increase in assets available for plan benefits per
the financial statements for the year ended December 31, 2005 to Form 5500:
|
|
|
|
|
Decrease in assets available for benefits per the financial statements |
|
$ |
(11,665,698 |
) |
Cumulative change in contributions receivable |
|
|
451,399 |
|
Cumulative change in difference in valuation of Company common stock |
|
|
(22,250 |
) |
Cumulative change in other |
|
|
(11,942 |
) |
|
|
|
|
Decrease in assets available for benefits per Form 5500 |
|
$ |
(11,248,491 |
) |
|
|
|
|
(6) Disposal of Fresh-Cut Segment
On June 28, 2005, the Company completed the sale of its fresh-cut segment to Chiquita Brands
International, Inc. (the Purchaser), pursuant to the Stock Purchase Agreement (the Agreement)
dated February 22, 2005. In accordance with the Agreement, the Company directed the trustee of
the Plan to transfer the aggregate individual account balances of the fresh-cut segments
employees, who were then employed by the Purchaser or its affiliates. The Plan was also
amended so that unvested account balances of the fresh-cut segments employees vested upon
closing of the sale. As a result of this sale, 166,103 shares of Company common stock were
liquidated before the 401(k) accounts were transferred to the 401(k) administrator for the
Purchaser. The transfer was completed on October 1, 2005, and is reflected on the Statement of
Changes in Assets Available for Benefits.
(7) Plan Amendments Subsequent to Year-End
Effective January 1, 2006, the Company amended the Plan to reflect the following changes:
(a) Vesting
Vesting for the employer contribution accounts for any associate who is actively employed
as of January 1, 2006 is as follows:
|
|
|
|
|
|
|
Vested |
|
|
|
percentage |
|
Years of service: |
|
|
|
|
Less than 1 year |
|
None |
1 year |
|
|
20 |
% |
2 years |
|
|
40 |
% |
3 years |
|
|
60 |
% |
4 years |
|
|
80 |
% |
5 years or more |
|
|
100 |
% |
Prior to the amendment, the vesting schedule reflected in note 1(d) applied.
(Continued)
10
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Notes to Financial Statements
December 31, 2005 and 2004
(b) Eligibility Date & Automatic Enrollment
Any associate who begins employment on or after January 1, 2006 will be automatically
enrolled as a participant in the Plan on the first day of the month following the date
the employee completes 60 days of service unless an election is made otherwise. Those who
are automatically enrolled will begin deferrals at a rate equal to one percent of annual
pay.
11
Schedule I
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Schedule H, Line 4a Schedule of Delinquent Participant Contributions
Year Ended December 31, 2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of |
|
|
|
|
|
|
|
|
|
|
|
|
|
transactions, |
|
|
|
|
|
|
|
|
|
|
|
|
|
including maturity |
|
|
|
|
|
|
|
|
|
Relationship to |
|
|
date, rate of |
|
|
|
|
|
|
|
|
|
plan, employer, |
|
|
interest, collateral, |
|
|
|
|
|
|
|
Identity of |
|
or other |
|
|
par, or maturity |
|
|
Amount on |
|
|
Lost |
|
party involved |
|
party-in-interest |
|
|
value |
|
|
line 4a |
|
|
earnings |
|
* Performance Food Group Company |
|
Plan sponsor |
|
Employee contributions not remitted to the Plan timely |
|
$ |
36,615 |
(1) |
|
$ |
72 |
(2) |
|
|
|
(1) |
|
Total amount of contributions withheld from employees, but not remitted timely by the plan sponsor. |
|
(2) |
|
Based on Underpayment Interest Rate as defined in Section 6621(a)(2) of the Code. |
|
* |
|
Party-in-interest |
See accompanying report of independent registered public accounting firm.
12
Schedule 2
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
December 31, 2005
|
|
|
|
|
|
|
Identity of issuer, |
|
Description of investment, |
|
|
borrower, lessor, |
|
including maturity date, rate of interest, |
|
Current |
or similar party |
|
collateral, par, or maturity value |
|
value |
Common stock: |
|
|
|
|
|
|
* Performance Food Group Company
|
|
Common stock (ESOP Component), 1,107,858 shares,
cost $2,437,288
|
|
$ |
31,429,935 |
|
* Performance Food Group Company
|
|
Common stock (401(k) Component), 165,028 shares
|
|
|
4,681,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
36,111,778 |
|
|
|
|
|
|
|
|
Common collective trust funds: |
|
|
|
|
|
|
* Wachovia
|
|
Stable Portfolio Group Trust, 603,987 units
|
|
|
44,042,548 |
|
* Wachovia
|
|
Enhanced Stock Market Fund of Wachovia,
83,093 units
|
|
|
7,055,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
51,097,650 |
|
|
|
|
|
|
|
|
Mutual funds: |
|
|
|
|
|
|
The Vanguard Group
|
|
Vanguard Wellington Fund, 371,663 units
|
|
|
11,279,961 |
|
Davis Funds
|
|
Davis NY Venture Fund (A shares), 234,459 units
|
|
|
7,901,268 |
|
Van Kampen Investments
|
|
Van Kampen Comstock, 99,609 units
|
|
|
1,774,031 |
|
Thornburg Investment Management
|
|
Thornburg International Value, 273,457 units
|
|
|
6,415,310 |
|
Evergreen Investments
|
|
Evergreen Short Duration Income Fund (Y shares),
310,137 units
|
|
|
4,158,599 |
|
AIM Investments
|
|
AIM Mid Cap Core Equity, 279,066 units
|
|
|
7,972,918 |
|
Pimco Funds
|
|
Pimco Small Cap Value, 186,578 units
|
|
|
5,392,096 |
|
American Funds
|
|
Growth Fund of America, 406,593 units
|
|
|
12,547,460 |
|
Columbia Management
|
|
Columbia Acorn TR, 296,679 units
|
|
|
8,357,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
65,799,101 |
|
|
|
|
|
|
|
|
* Participant loans
|
|
Participant notes, having fixed interest rates ranging
from 5.00% to 10.75% due within five years of inception
|
|
|
5,651,596 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
158,660,125 |
|
|
|
|
|
|
|
|
See accompanying report of independent registered public accounting firm.
13
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Committee of the Performance Food Group Company Employee Savings and Stock Ownership Plan has duly
caused this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
|
|
|
|
Date: June 29, 2006 |
PERFORMANCE FOOD GROUP COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
|
|
|
By: |
/s/ John D. Austin
|
|
|
|
John D. Austin |
|
|
|
Senior Vice President and Chief Financial Officer |
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Jeffery W. Fender
|
|
|
|
Jeffery W. Fender |
|
|
|
Vice President and Treasurer |
|
|
14