Mattel 2014 Annual Report Download - page 85
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Mattel used a measurement date of December 31, 2014 for its defined benefit pension and postretirement
benefit plans. A summary of the changes in benefit obligation and plan assets is as follows:
Defined Benefit
Pension Plans
Postretirement
Benefit Plans
2014 2013 2014 2013
(In thousands)
Change in Benefit Obligation:
Benefit obligation, beginning of year .................... $616,938 $ 669,351 $ 37,914 $ 35,433
Service cost ........................................ 7,515 12,982 67 82
Interest cost ........................................ 27,708 25,580 1,377 1,585
Impact of currency exchange rate changes ................ (10,673) (2,206) — —
Actuarial loss (gain) .................................. 75,839 (57,418) (2,188) 4,048
Benefits paid ....................................... (39,686) (31,351) (2,768) (3,234)
Benefit obligation, end of year ......................... $677,641 $ 616,938 $ 34,402 $ 37,914
Change in Plan Assets:
Plan assets at fair value, beginning of year ................ $456,445 $ 406,163 $ — $ —
Actual return on plan assets ............................ 43,804 47,529 — —
Employer contributions ............................... 21,596 32,078 2,768 3,234
Impact of currency exchange rate changes ................ (6,219) 2,026 — —
Benefits paid ....................................... (39,686) (31,351) (2,768) (3,234)
Plan assets at fair value, end of year ..................... $475,940 $ 456,445 $ — $ —
Net Amount Recognized in Consolidated Balance Sheets:
Funded status, end of year ............................. $(201,701) $(160,493) $ (34,402) $ (37,914)
Current accrued benefit liability ........................ (2,540) (2,661) (3,600) (2,700)
Noncurrent accrued benefit liability ..................... (199,161) (157,832) (30,802) (35,214)
Total accrued benefit liability .......................... $(201,701) $(160,493) $ (34,402) $ (37,914)
Amounts Recognized in Accumulated Other
Comprehensive Loss (a):
Net actuarial loss .................................... $253,593 $ 205,091 $ 4,914 $ 7,119
Prior service (credit) ................................. (9,036) (10,093) — —
$ 244,557 $ 194,998 $ 4,914 $ 7,119
(a) Amounts exclude related tax benefits of $88.0 million and $70.2 million for December 31, 2014 and 2013,
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, 2014 and 2013 totaled $632.2 million and $579.0 million, respectively.
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