Big Lots 2008 Annual Report Download - page 131
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63
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Weighted-average assumptions used to determine benefit obligations were:
2008 2007
Discount rate ........................................................ 7.3% 6.5%
Rate of increase in compensation levels ................................... 3.5% 3.5%
Measurement date for plan assets and benefit obligations ..................... 01/31/09 12/31/07
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 January 31, 2009 and
December 31, 2007:
January 31, 2009 December 31, 2007
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year .................. $ 53,459 $54,700
Service cost ............................................... 2,438 2,632
Interest cost ............................................... 3,332 3,150
Sevice and interest cost during gap period........................ 480 —
Plan amendments ........................................... — (590)
Benefits and settlements paid.................................. (5,614) (6,877)
Actuarial loss (gain) ......................................... (495) 444
Projected benefit obligation at end of year........................ $ 53,600 $53,459
Change in plan assets:
Fair market value at beginning of year........................... $ 48,208 $53,065
Actual return on plan assets ................................... (11,641) 1,084
Employer contributions ...................................... 11,344 936
Benefits and settlements paid.................................. (5,614) (6,877)
Fair market value at end of year................................ $ 42,297 $48,208
Under funded and net amount recognized .......................... $(11,303) $ (5,251)
Amounts recognized in the consolidated balance sheets consist of:
Current liabilities.............................................. $ (384) $ (365)
Noncurrent liabilities........................................... (10,919) (4,886)
Net amount recognized....................................... $(11,303) $ (5,251)
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in
net periodic benefit cost:
2008 2007
(In thousands)
Unrecognized transition obligation........................................ $ (67) $ (80)
Unrecognized past service credit ......................................... 231 265
Unrecognized actuarial loss ............................................. (25,477) (10,935)
Accumulated other comprehensive income (loss), pretax .................... $(25,313) $(10,750)
We expect to reclassify $2.6 million of the actuarial loss along with immaterial amounts of transition obligation
and past service credit into net periodic benefit cost during 2009.
Note 8 — Employee Benefit Plans (Continued)