Big Lots 2009 Annual Report Download - page 180

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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 January 30, 2010 and
January 31, 2009:
January 30, 2010 January 31, 2009
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year ................... $53,600 $ 53,459
Service cost ................................................ 2,261 2,438
Interest cost ................................................ 3,726 3,332
Service and interest cost during gap period ........................ — 480
Benefits and settlements paid................................... (6,165) (5,614)
Actuarial loss (gain) .......................................... 6,104 (495)
Projected benefit obligation at end of year......................... $59,526 $ 53,600
Change in plan assets:
Fair market value at beginning of year............................ $42,297 $ 48,208
Actual return on plan assets .................................... 9,979 (11,641)
Employer contributions ....................................... 10,754 11,344
Benefits and settlements paid................................... (6,165) (5,614)
Fair market value at end of year................................. $56,865 $ 42,297
Under funded and net amount recognized ........................... $ (2,661) $(11,303)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets .............................................. $ 3,383 $ —
Current liabilities............................................... (383) (384)
Noncurrent liabilities............................................ (5,661) (10,919)
Net amount recognized........................................ $ (2,661) $(11,303)
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in
net periodic pension expense:
2009 2008
(In thousands)
Unrecognized transition obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (52) $ (67)
Unrecognized past service credit .......................................... 193 231
Unrecognized actuarial loss .............................................. (21,906) (25,477)
Accumulated other comprehensive loss, pretax . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(21,765) $(25,313)
We expect to reclassify $2.0 million of the actuarial loss along with immaterial amounts of transition obligation
and past service credit into net periodic pension expense during 2010.