Big Lots 2010 Annual Report Download - page 134
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60
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 29, 2011 and
January 30, 2010:
January 29, 2011 January 30, 2010
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year ................... $ 59,526 $ 53,600
Service cost ................................................ 2,433 2,261
Interest cost ................................................ 3,254 3,726
Benefits and settlements paid................................... (7,135) (6,165)
Actuarial loss (gain) .......................................... 4,476 6,104
Projected benefit obligation at end of year......................... $62,554 $59,526
Change in plan assets:
Fair market value at beginning of year............................ $56,865 $42,297
Actual return on plan assets .................................... 9,153 9,979
Employer contributions ....................................... 1,093 10,754
Benefits and settlements paid................................... (7,135) (6,165)
Fair market value at end of year................................. $59,976 $56,865
Under funded and net amount recognized ........................... $ (2,578) $ (2,661)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets .............................................. $ 3,884 $ 3,383
Current liabilities............................................... (623) (383)
Noncurrent liabilities............................................ (5,839) (5,661)
Net amount recognized........................................ $ (2,578) $ (2,661)
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in
net periodic pension expense:
2010 2009
(In thousands)
Unrecognized transition obligation ......................................... $ (39) $ (52)
Unrecognized past service credit .......................................... 159 193
Unrecognized actuarial loss .............................................. (17,476) (21,906)
Accumulated other comprehensive loss, pretax............................. $(17,356) $(21,765)
We expect to reclassify $1.4 million of the actuarial loss along with immaterial amounts of transition obligation
and past service credit into net periodic pension expense during 2011.
The following table sets forth certain information for the Pension Plan and the Supplemental Pension Plan at
January 29, 2011 and January 30, 2010:
Pension Plan Supplemental Pension Plan
January 29, 2011 January 30, 2010 January 29, 2011 January 30, 2010
(In thousands)
Projected benefit obligation . . . . . . . $ 56,092 $ 53,482 $6,462 $ 6,044
Accumulated benefit obligation .... 49,127 47,851 4,750 4,622
Fair market value of plan assets . . . . $ 59,976 $56,865 $ — $ —