Mattel 2003 Annual Report Download - page 74
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As of Year End
2003 2002
Funded Status of the Plans
Funded status of the plans ................................................. $(117,614) $(102,397)
Unrecognized net losses ................................................... 154,295 148,311
Unrecognized prior service cost ............................................. 5,244 6,184
Additional minimum liabilities .............................................. (99,849) (90,884)
Accrued pension costs .................................................... $ (57,924) $ (38,786)
Net Amount Recognized in the Consolidated Balance Sheets
Intangible asset .......................................................... $ 5,244 $ 6,184
Accrued pension liability .................................................. (57,924) (38,786)
Accumulated other comprehensive loss (a) .................................... 60,042 52,321
$7,362 $ 19,719
(a) Amounts recorded in accumulated other comprehensive loss are shown net of tax benefit of $34.6 million
and $30.7 million for year end 2003 and 2002, respectively.
The components of net pension expense (income) for Mattel’s defined benefit pension plans are as follows
(in thousands):
For the Year Ended
2003 2002 2001
Service cost ..................................................... $ 7,162 $ 6,996 $ 5,395
Interest cost ..................................................... 21,019 20,120 16,517
Expected return on plan assets ....................................... (21,383) (32,211) (27,419)
Amortization of:
Unrecognized prior service costs ................................. (492) (537) (520)
Unrecognized net loss ......................................... 2,479 599 43
Unrecognized net (asset) ....................................... — (18) —
Curtailment (gain) ................................................ — — (700)
Plan amendment loss (gain) ......................................... 7,594 (1,230) 1,111
Net pension expense (income) ....................................... $16,379 $ (6,281) $ (5,573)
Net pension expense (income) for Mattel’s domestic defined benefit pension plans has been calculated using
aDecember measurement date.
Mattel expects to make cash contributions totaling approximately $2 million to its defined benefit pension
plans in 2004. Mattel does not have any defined benefit pension plans where plan assets exceed the accumulated
benefit obligation of such plans.
The assumptions used in determining the projected and accumulated benefit obligations for Mattel’s
domestic defined benefit pension plans are as follows:
As of Year End
2003 2002
Discount rate ........................................................... 6.0% 6.5%
Weighted average rate of future compensation increases ......................... 4.0% 4.0%
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