Pep Boys 2009 Annual Report Download - page 126
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 30, 2010, January 31, 2009 and February 2, 2008
(dollar amounts in thousands, except share and per share data)
NOTE 14—BENEFIT PLANS (Continued)
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:
January 30, January 31,
2010 2009
Year ended
Change in benefit obligation:
Benefit obligation at beginning of year ................. $36,996 $ 56,533
Service cost .................................... — 110
Interest cost .................................... 2,539 3,346
Curtailment gain ................................. — (2,606)
Actuarial loss ................................... 4,626 828
Benefits paid ................................... (1,417) (21,215)
Benefit obligation at end of year ..................... $42,744 $ 36,996
Change in plan assets:
Fair value of plan assets at beginning of year ............ $27,692 $ 37,280
Actual return on plan assets (net of expenses) ........... 5,582 (8,291)
Employer contributions ............................ — 19,918
Benefits paid ................................... (1,417) (21,215)
Fair value of plan assets at end of year ................ $31,857 $ 27,692
Unfunded status at fiscal year end ................... $(10,887) $ (9,304)
Net amounts recognized on consolidated balance sheet at
fiscal year end
Current benefit liability (included in accrued expenses) ..... $ — $ —
Noncurrent benefit liability (included in other long-term
liabilities) .................................... (10,887) (9,304)
Net amount recognized at fiscal year end ............... $(10,887) $ (9,304)
Amounts recognized in accumulated other comprehensive
income (pre-tax) at fiscal year end
Net loss ....................................... $11,316 $ 12,233
Prior service cost ................................ 54 68
Net amount recognized at fiscal year end ............... $11,370 $ 12,301
Other comprehensive (income) loss attributable to change in
pension liability recognition ....................... $ (932) $ 1,493
Accumulated benefit obligation at fiscal year end ......... $42,744 $ 36,996
Other information
Employer contributions expected in fiscal 2010 ........... $ — $ —
Estimated prior service cost amortization in fiscal 2010 ..... $ 1,642 $ 1,760
68