Pep Boys 2010 Annual Report Download - page 122
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 29, 2011, January 30, 2010 and January 31, 2009
NOTE 13—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:
Year ended
January 29, January 30,
(dollar amounts in thousands) 2011 2010
Change in benefit obligation:
Benefit obligation at beginning of year .............................. $42,744 $ 36,996
Interest cost ................................................. 2,561 2,539
Actuarial loss ................................................ 2,454 4,626
Benefits paid ................................................. (1,641) (1,417)
Benefit obligation at end of year .................................. $46,118 $ 42,744
Change in plan assets:
Fair value of plan assets at beginning of year ......................... $31,857 $ 27,692
Actual return on plan assets (net of expenses) ......................... 3,847 5,582
Employer contributions ......................................... 5,000 —
Benefits paid ................................................. (1,641) (1,417)
Fair value of plan assets at end of year .............................. $39,063 $ 31,857
Unfunded status at fiscal year end ................................. $(7,055) $(10,887)
Net amounts recognized on consolidated balance sheet at fiscal year end
Noncurrent benefit liability (included in other long-term liabilities) ......... $(7,055) $(10,887)
Net amount recognized at fiscal year end ............................ $(7,055) $(10,887)
Amounts recognized in accumulated other comprehensive income (pre-tax) at
fiscal year end
Actuarial loss ................................................ $10,402 $ 11,316
Prior service cost .............................................. 40 54
Net amount recognized at fiscal year end ............................ $10,442 $ 11,370
Other comprehensive (income) loss attributable to change in pension liability
recognition ................................................ $ (928) $ (932)
Accumulated benefit obligation at fiscal year end ...................... $46,118 $ 42,744
Other information
Employer contributions expected in fiscal 2011 ........................ $ — $ —
Estimated actuarial loss and prior service cost amortization in fiscal 2011 ..... $ 1,530 $ 1,642
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