CarMax 2015 Annual Report Download - page 66

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62
ESTIMATED FUTURE BENEFIT PAYMENTS
Pension Restoration
(In thousands) Plan Plan
Fiscal 2016 $ 2,500 $ 462
Fiscal 2017 $ 2,798 $ 474
Fiscal 2018 $ 3,097 $ 482
Fiscal 2019 $ 3,474 $ 482
Fiscal 2020 $ 3,867 $ 492
Fiscal 2021 to 2025 $ 26,563 $ 2,904
COMPONENTS OF NET PENSION EXPENSE
Years Ended February 28
(In thousands) Pension Plan Restoration Plan Total
2015 2014 2013 2015 2014 2013 2015 2014 2013
Interest cost $ 8,032 $ 7,583 $ 7,299 $ 453 $ 433 $ 458 $ 8,485 $ 8,016 $ 7,757
Expected return on
plan assets (9,030) (7,916) (7,591) ― ― ― (9,030) (7,916) (7,591)
Recognized actuarial
loss
1,361
1,674 1,200 ― ― ― 1,361
1,674 1,200
N
et pension expense $ 363 $ 1,341 $ 908 $ 453 $ 433 $ 458 $ 816 $ 1,774 $ 1,366
CHANGES RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS
Years Ended February 28
Pension Plan Restoration Plan Total
(In thousands) 2015 2014 2015 2014 2015 2014
N
et actuarial loss (gain) $ 33,286 $ (16,268) $ 840 $ 803 $ 34,126 $ (15,465)
In fiscal 2016, we anticipate that $1.9 million in estimated actuarial losses of the pension plan will be amortized from
accumulated other comprehensive loss. We do not anticipate that any appreciable estimated actuarial losses will be
amortized from accumulated other comprehensive loss for the restoration plan.
ASSUMPTIONS USED TO DETERMINE NET PENSION EXPENSE
Years Ended February 28
Pension Plan Restoration Plan
2015 2014 2013 2015 2014 2013
Discount rate (1) 4.55 % 4.30 % 4.75 % 4.55 %
4.30 % 4.75 %
Expected rate of return on plan assets 7.75 % 7.75 % 7.75 % ― ― ―
(1) For the restoration plan, the discount rate presented is applied to the pre-2004 annuity amounts. A rate of 4.50% is assumed
for post-2004 lump sum amounts paid from the plan for fiscal 2015, fiscal 2014 and fiscal 2013.