Mattel 2012 Annual Report Download - page 84
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Mattel used a measurement date of December 31, 2012 for its defined benefit pension plans and
postretirement benefit plans. A summary of the changes in benefit obligation and plans assets is as follows:
Defined Benefit
Pension Plans
Postretirement
Benefit Plans
2012 2011 2012 2011
(In thousands)
Change in Benefit Obligation:
Benefit obligation, beginning of year ...................... $610,016 $ 545,927 $ 32,334 $ 35,081
Service cost .......................................... 13,285 13,610 79 73
Interest cost .......................................... 29,530 28,433 1,411 1,576
Plan amendments ...................................... (11,791) — — —
Impact of currency exchange rate changes .................. 1,713 (1,785) — —
Actuarial loss (gain) .................................... 74,433 61,052 4,872 (1,297)
Benefits paid ......................................... (47,835) (37,221) (3,263) (3,099)
Benefit obligation, end of year ........................... $669,351 $ 610,016 $ 35,433 $ 32,334
Change in Plan Assets:
Plan assets at fair value, beginning of year .................. $338,081 $ 316,795 $ — $ —
Actual return on plan assets (a) ........................... 57,028 5,182 — —
Employer contributions ................................. 55,752 53,859 3,263 3,099
Impact of currency exchange rate changes .................. 3,137 (534) — —
Benefits paid ......................................... (47,835) (37,221) (3,263) (3,099)
Plan assets at fair value, end of year ....................... $406,163 $ 338,081 $ — $ —
Net Amount Recognized in Consolidated Balance Sheets:
Funded status, end of year ............................... $(263,188) $(271,935) $(35,433) $(32,334)
Current accrued benefit liability .......................... (11,407) (23,215) (2,600) (2,700)
Noncurrent accrued benefit liability ....................... (251,781) (248,720) (32,833) (29,634)
Total accrued benefit liability ............................ $(263,188) $(271,935) $(35,433) $(32,334)
Amounts Recognized in Accumulated Other Comprehensive
Loss (b):
Net actuarial loss (gain) ................................. $300,835 $ 273,691 $ 3,649 $ (1,106)
Prior service (credit) cost ................................ (11,150) 138 — —
$ 289,685 $ 273,829 $ 3,649 $ (1,106)
(a) The 2012 actual return on plan assets from defined benefit pension plan includes an increase of
approximately $12 million related to assets transferred to the Fisher-Price Pension Plan resulting from its
conversion to a cash balance plan.
(b) Amounts exclude related tax benefits of $102.7 million and $100.4 million for December 31, 2012 and 2011,
respectively, which are also included in accumulated other comprehensive loss.
The accumulated benefit obligation differs from the projected benefit obligation in that it assumes future
compensation levels will remain unchanged. Mattel’s accumulated benefit obligation for its defined benefit
pension plans as of December 31, 2012 and 2011 totaled $597.6 million and $553.6 million, respectively.
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