Pep Boys 2005 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2005 Pep Boys annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

55
THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 28, 2006, January 29, 2005 and January 31, 2004
(dollar amounts in thousands, except share data)
The following table sets forth the reconciliation of the benefit obligation, fair value of plan assets and funded status of
the Company’s defined benefit plans:
Year ended
January 28,
2006
January 29,
2005
Change in Benefit Obligation:
Benefit obligation at beginning of year $ 52,384 $ 47,197
Service cost 363 438
Interest cost 3,011 2,903
Settlement loss 82 2,316
Actuarial loss 2,749 2,383
Benefits paid (4,240) (2,853)
Benefit Obligation at End of Year $ 54,349 $ 52,384
Change in Plan Assets:
Fair value of plan assets at beginning of year $ 35,508 $ 34,730
Actual return on plan assets (net of expenses) 1,043 2,055
Employer contributions 2,981 1,576
Benefits paid (4,240) (2,853)
Fair Value of Plan Assets at End of Year $ 35,292 $ 35,508
Reconciliation of the Funded Status:
Funded status $ (19,057) $ (16,876)
Unrecognized transition obligation 817 980
Unrecognized prior service cost 1,358 1,718
Unrecognized actuarial loss 14,828 14,024
Amount contributed after measurement date 25 1,140
Net Amount Recognized at Year-End $ (2,029) $ 986
Amounts Recognized on Consolidated Balance Sheets Consist of:
Accrued benefit liability $ (15,112) $ (13,137)
Intangible asset 2,174 2,698
Accumulated other comprehensive loss 10,909 11,425
Net Amount Recognized at Year End $ (2,029) $ 986
Other comprehensive loss attributable to change in additional minimum liability
recognition $ 35 $ 9,204
Accumulated Benefit Obligation at End of Year $ 50,404 $ 48,646
Cash Flows
Employer contributions expected during fiscal 2006 $ 1,417 $ 1,090
The following table sets forth additional fiscal year-end information for the defined benefit portion of the Company’s
SERP for which the accumulated benefit obligation is in excess of plan assets:
Year ended
January 28,
2006
January 29,
2005
Projected benefit obligation $ 16,859 $ 16,624
Accumulated benefit obligation 12,914 12,885