Big Lots 2007 Annual Report Download - page 152
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64
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 8 — Employee Benefit Plans (Continued)
The following schedule provides a reconciliation of projected benefit obligations, plan assets, funded status, and
amounts recognized for the Pension Plan and Supplemental Pension Plan at December 31:
2007 2006
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year............................... $54,700 $56,758
Service cost............................................................ 2,632 2,944
Interest cost............................................................ 3,150 3,158
Plan amendments ....................................................... (590) —
Benefits and settlements paid .............................................. (6,877) (7,845)
Actuarial loss (gain) ..................................................... 444 (315)
Projected benefit obligation at end of year.................................... $53,459 $54,700
Change in plan assets:
Fair market value at beginning of year....................................... $53,065 $53,217
Actual return on plan assets ............................................... 1,084 6,906
Employer contributions .................................................. 936 787
Benefits and settlements paid .............................................. (6,877) (7,845)
Fair market value at end of year ............................................ $48,208 $53,065
Under funded and net amount recognized ..................................... $ (5,251) $ (1,635)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets ........................................................ $ — $ 2,807
Current liabilities......................................................... (365) (341)
Noncurrent liabilities...................................................... (4,886) (4,101)
Net amount recognized................................................... $ (5,251) $ (1,635)
See note 1 to our consolidated financial statements for a discussion of our pension accounting policy and the
impact of adopting SFAS No. 158 on our 2006 consolidated balance sheet.
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in
net periodic benefit cost:
2007 2006
(In thousands)
Unrecognized transition obligation.......................................... $ (80) $ (93)
Unrecognized past service credit (cost) ...................................... 265 (460)
Unrecognized actuarial loss ............................................... (10,935) (9,239)
Accumulated other comprehensive income (loss), pretax ....................... $(10,750) $(9,792)
We expect to reclassify $0.8 million of the actuarial loss along with immaterial amounts of transition obligation
and past service cost into net periodic benefit cost during 2008.