Rite Aid 2016 Annual Report Download - page 133
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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 27, 2016, February 28, 2015 and March 1, 2014
(In thousands, except per share amounts)
18. 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 February 27, 2016 and February 28, 2015:
Defined Benefit Nonqualified Executive
Pension Plan Retirement Plan
2016 2015 2016 2015
Change in benefit obligations:
Benefit obligation at end of prior year .............. $167,256 $148,596 $ 12,685 $ 12,865
Service cost ................................. 1,498 2,543 — —
Interest cost ................................. 6,398 6,474 475 542
Distributions ................................ (7,408) (12,190) (1,540) (1,616)
Change due to change in assumptions .............. — — — —
Actuarial (gain) loss ........................... (11,270) 21,833 (574) 894
Benefit obligation at end of year ................... $156,474 $167,256 $ 11,046 $ 12,685
Change in plan assets:
Fair value of plan assets at beginning of year ......... $129,934 $128,984 $ — $ —
Employer contributions ........................ — 1,159 1,540 1,616
Actual return on plan assets ..................... (12,309) 11,981 — —
Distributions (including expenses paid by the plan) .... (7,408) (12,190) (1,540) (1,616)
Fair value of plan assets at end of year ............... $110,217 $129,934 $ — $ —
Funded status ................................. $(46,257) $(37,322) $(11,046) $(12,685)
Net amount recognized .......................... $(46,257) $(37,322) $(11,046) $(12,685)
Amounts recognized in consolidated balance sheets
consisted of:
Prepaid pension cost .......................... $ — $ — $ — $ —
Accrued pension liability ........................ (46,257) (37,322) (11,046) (12,685)
Net amount recognized .......................... $(46,257) $(37,322) $(11,046) $(12,685)
Amounts recognized in accumulated other comprehensive
loss consist of:
Net actuarial loss ............................. $(53,825) $(50,146) $ — $ —
Prior service cost ............................. — (67) — —
Amount recognized ............................. $(53,825) $(50,213) $ — $ —
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 2017 are $4,529 and
$0, respectively.
The accumulated benefit obligation for the defined benefit pension plan was $156,474 and
$167,256 as of February 27, 2016 and February 28, 2015, respectively. The accumulated benefit
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