Rite Aid 2012 Annual Report Download - page 103
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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended March 3, 2012, February 26, 2011 and February 27, 2010
(In thousands, except per share amounts)
14. Retirement Plans (Continued)
The table below sets forth reconciliation from the beginning of the year for both the benefit
obligation and plan assets of the Company’s defined benefit plans, as well as the funded status and
amounts recognized in the Company’s balance sheet as of March 3, 2012 and February 26, 2011:
Defined Benefit Nonqualified Executive
Pension Plan Retirement Plan
2012 2011 2012 2011
Change in benefit obligations:
Benefit obligation at end of prior year .............. $115,499 $103,876 $ 14,822 $ 14,878
Service cost ................................. 2,988 2,972 21 72
Interest cost ................................. 6,501 6,124 771 847
Distributions ................................ (6,957) (6,353) (1,700) (1,568)
Change due to change in assumptions .............. 23,574 7,357 823 426
Change due to Plan amendments ................. (275) — — —
Actuarial (gain) loss ........................... 980 1,523 (228) 167
Benefit obligation at end of year ................... $142,310 $115,499 $ 14,509 $ 14,822
Change in plan assets:
Fair value of plan assets at beginning of year ......... $ 94,195 $ 73,676 $ — $ —
Employer contributions ........................ 14,878 13,451 1,700 1,568
Actual return on plan assets ..................... 7,507 14,858 — —
Distributions (including expenses paid by the plan) .... (8,384) (7,790) (1,700) (1,568)
Fair value of plan assets at end of year ............... $108,196 $ 94,195 $ — $ —
Funded status ................................. $(34,114) $(21,304) $(14,509) $(14,822)
Net amount recognized .......................... $(34,114) $(21,304) $(14,509) $(14,822)
Amounts recognized in consolidated balance sheets
consisted of:
Prepaid pension cost .......................... $ — $ — $ — $ —
Accrued pension liability ........................ (34,114) (21,304) (14,509) (14,822)
Net amount recognized .......................... $(34,114) $(21,304) $(14,509) $(14,822)
Amounts recognized in accumulated other comprehensive
loss consist of:
Net actuarial (loss) gain ........................ $(50,168) $(28,029) $ — $ 1,177
Prior service cost ............................. (787) (1,700) — —
Amount recognized ............................. $(50,955) $(29,729) $ — $ 1,177
The estimated net actuarial loss and prior service cost amounts that will be amortized from
accumulated other comprehensive loss into net periodic pension expense in fiscal 2012 are $3,839 and
$240, respectively.
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