Rite Aid 2014 Annual Report Download - page 98

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended March 1, 2014, March 2, 2013 and March 3, 2012
(In thousands, except per share amounts)
15. 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 1, 2014 and March 2, 2013:
Defined Benefit Nonqualified Executive
Pension Plan Retirement Plan
2014 2013 2014 2013
Change in benefit obligations:
Benefit obligation at end of prior year .............. $158,522 $142,310 $ 14,332 $ 14,509
Service cost ................................. 3,341 2,908 — —
Interest cost ................................. 6,120 6,128 541 616
Distributions ................................ (7,677) (6,644) (1,657) (1,659)
Change due to change in assumptions .............. — 13,979 — 756
Actuarial (gain) loss ........................... (11,710) (159) (351) 110
Benefit obligation at end of year ................... $148,596 $158,522 $ 12,865 $ 14,332
Change in plan assets:
Fair value of plan assets at beginning of year ......... $114,773 $108,196 $ — $ —
Employer contributions ........................ 8,000 5,583 1,655 1,659
Actual return on plan assets ..................... 13,888 9,067 — —
Distributions (including expenses paid by the plan) .... (7,677) (8,073) (1,655) (1,659)
Fair value of plan assets at end of year ............... $128,984 $114,773 $ — $ —
Funded status ................................. $(19,612) $(43,749) $(12,865) $(14,331)
Net amount recognized .......................... $(19,612) $(43,749) $(12,865) $(14,331)
Amounts recognized in consolidated balance sheets
consisted of:
Prepaid pension cost .......................... $ — $ — $ — $ —
Accrued pension liability ........................ (19,612) (43,749) (12,865) (14,331)
Net amount recognized .......................... $(19,612) $(43,749) $(12,865) $(14,331)
Amounts recognized in accumulated other comprehensive
loss consist of:
Net actuarial loss ............................. $(35,348) $ (59,143) $ — $ —
Prior service cost ............................. (307) (547) — —
Amount recognized ............................. $(35,655) $(59,690) $ — $ —
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 2015 are $2,399 and
$240, respectively.
The accumulated benefit obligation for the defined benefit pension plan was $148,596 and
$158,368 as of March 1, 2014 and March 2, 2013, respectively. The accumulated benefit obligation for
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