Mattel 2012 Annual Report Download - page 82
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A summary of retirement plan expense is as follows:
For the Year
2012 2011 2010
(In millions)
Defined contribution retirement plans ......................................... $40.3 $36.9 $33.3
Defined benefit pension plans ............................................... 33.6 37.6 31.7
Deferred compensation and excess benefit plans ................................. 5.7 0.7 4.6
Postretirement benefit plans ................................................. 1.6 1.6 1.9
$81.2 $76.8 $71.5
Defined Benefit Pension and Postretirement Benefit Plans
Mattel provides defined benefit pension plans for eligible domestic employees, which are intended to
comply with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Some of
Mattel’s foreign subsidiaries have defined benefit pension plans covering substantially all of their eligible
employees. Mattel funds these plans in accordance with the terms of the plans and local statutory requirements,
which differ for each of the countries in which the subsidiaries are located. Mattel also has unfunded
postretirement health insurance plans covering certain eligible domestic employees.
A summary of the components of Mattel’s net periodic benefit cost and other changes in plan assets and
benefit obligations recognized in other comprehensive income for the years ended December 31 is as follows:
Defined Benefit Pension Plans Postretirement Benefit Plans
2012 2011 2010 2012 2011 2010
(In thousands)
Net periodic benefit cost:
Service cost .............................. $13,285 $ 13,610 $ 12,441 $ 79 $ 73 $ 76
Interest cost .............................. 29,530 28,433 27,934 1,411 1,576 1,820
Expected return on plan assets ............... (31,270) (25,714) (24,581) — — —
Amortization of prior service (credit) cost ...... (502) 1,776 2,453 — — —
Recognized actuarial loss (gain) .............. 19,020 19,492 13,499 117 (48) 52
Settlement loss ........................... 3,534 — — — — —
Net periodic benefit cost .................... $33,597 $ 37,597 $ 31,746 $1,607 $ 1,601 $ 1,948
Other changes in plan assets and benefit
obligations recognized in other
comprehensive income:
Net actuarial loss (gain) .................... $27,144 $ 62,687 $ 482 $4,755 $(1,249) $(9,502)
Prior service (credit) cost ................... (11,789) 2 (675) — — —
Amortization of prior service credit (cost) ...... 501 (1,776) (2,453) — — —
Total recognized in other comprehensive
income (a) ............................. $15,856 $ 60,913 $ (2,646) $4,755 $(1,249) $(9,502)
Total recognized in net periodic benefit cost and
other comprehensive income .............. $49,453 $ 98,510 $ 29,100 $6,362 $ 352 $(7,554)
(a) Amounts exclude related tax (benefit) expense of $(2.3) million, $(21.6) million, and $4.4 million, during
2012, 2011, and 2010, respectively, which are also included in other comprehensive income.
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