AutoZone 2010 Annual Report Download - page 149

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The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated
Balance Sheets:
(in thousands)
August 28,
2010
August 29,
2009
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year........................................................ $185,590 $156,674
Interest cost ................................................................................................................... 11,315 10,647
Actuarial losses ............................................................................................................. 18,986 23,637
Benefits paid ................................................................................................................. (4,355) (5,368)
Benefit obligations at end of year ................................................................................ $211,536 $185,590
Change in Plan Assets:
Fair value of plan assets at beginning of year ............................................................. $115,313 $160,898
Actual return on plan assets ......................................................................................... 6,273 (40,235)
Employer contributions ................................................................................................. 12 18
Benefits paid ................................................................................................................. (4,355) (5,368)
Fair value of plan assets at end of year ....................................................................... $117,243 $115,313
Amount Recognized in the Statement of Financial Position:
Current liabilities........................................................................................................... $ (12) $ (17)
Long-term liabilities...................................................................................................... (94,281) (70,260)
Net amount recognized ................................................................................................. $ (94,293) $ (70,277)
Amount Recognized in Accumulated Other Comprehensive Loss and not yet
reflected in Net Periodic Benefit Cost:
Net actuarial loss........................................................................................................... $ (94,293) $ (70,277)
Accumulated other comprehensive loss ....................................................................... $ (94,293) $ (70,277)
Amount Recognized in Accumulated Other Comprehensive Loss and not yet
reflected in Net Periodic Benefit Cost and expected to be amortized in next
year’s Net Periodic Benefit Cost:
Net actuarial loss........................................................................................................... $ (10,252) $ (8,354)
Amount recognized ....................................................................................................... $ (10,252) $ (8,354)
Net periodic benefit expense (income) consisted of the following:
(in thousands)
August 28,
2010
August 29,
2009
August 30,
2008
Year Ended
Interest cost ........................................................................................... $11,315 $ 10,647 $ 9,962
Expected return on plan assets ............................................................. (9,045) (12,683) (13,036)
Amortization of prior service cost ....................................................... — 60 99
Recognized net actuarial losses ............................................................ 8,135 73 97
Net periodic benefit expense (income) ................................................ $10,405 $ (1,903) $ (2,878)
The actuarial assumptions used in determining the projected benefit obligation include the following:
August 28,
2010
August 29,
2009
August 30,
2008
Year Ended
Weighted average discount rate ............................................................ 5.25% 6.24% 6.90%
Expected long-term rate of return on plan assets ................................ 8.00% 8.00% 8.00%
59
10-K