Pep Boys 2007 Annual Report Download - page 114

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 2, 2008, February 3, 2007 and January 28, 2006
(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:
February 2, February 3,
Year ended 2008 2007
Measurement Date ............................................... February 2, December 31,
2008 2006
Change in Benefit Obligation:
Benefit obligation at beginning of year ................................. $57,614 $ 54,349
Service cost .................................................... 166 246
Interest cost ................................................... 3,419 3,071
Plan amendment ................................................ 64 —
FAS 158 change in measurement date .................................. 299 —
Actuarial (gain) loss .............................................. (3,028) 1,446
Benefits paid ................................................... (2,001) (1,498)
Benefit obligation at end of year ..................................... $56,533 $ 57,614
Change in Plan Assets:
Fair value of plan assets at beginning of year ............................. $37,494 $ 35,292
Actual return on plan assets (net of expenses) ............................ 933 3,392
FAS 158 change in measurement date .................................. 193 —
Employer contributions ............................................ 661 308
Benefits paid ................................................... (2,001) (1,498)
Fair value of plan assets at end of year ................................. $37,280 $ 37,494
Funded (Unfunded) Status at Fiscal Year End ............................ $(19,253)
Funded (Unfunded) Status at December 31 .............................. $(20,120)
Funded (Unfunded) Status at Fiscal Year End
Funded (unfunded) status at December 31 ............................... $(20,120)
Amount contributed after measurement date ............................. 221
Funded (unfunded) status at fiscal year end .............................. $(19,899)
Net Amounts Recognized on Consolidated Balance Sheet at Fiscal Year End
Current benefit liability (included in accrued expenses) ...................... $ (2,865) $ (2,950)
Noncurrent benefit liability (included in other long-term liabilities) .............. (16,388) (16,949)
Net amount recognized at fiscal year end ................................ $(19,253) $(19,899)
Amounts Recognized in Other Comprehensive Income (Pre-Tax) at Fiscal Year End
Net loss ...................................................... $ 9,671 $ 13,276
Prior service cost ................................................ 1,137 1,650
Net amount recognized at fiscal year end ................................ $10,808 $ 14,926
Other Comprehensive Loss Attributable to Change in Pension Liability Recognition . . $ 4,118 $ 3,467
Accumulated Benefit Obligation at Fiscal Year End ......................... 53,715 54,379
Cash Flows
Employer contributions expected during fiscal 2008 and 2007 .................. 2,865 1,258
68
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