Big Lots 2011 Annual Report Download - page 177

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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 28, 2012 and January 29, 2011:
January 28, 2012 January 29, 2011
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year .................. $ 62,554 $59,526
Service cost ............................................... 2,211 2,433
Interest cost ............................................... 3,496 3,254
Benefits and settlements paid.................................. (6,522) (7,135)
Actuarial loss .............................................. 8,203 4,476
Projected benefit obligation at end of year........................ $ 69,942 $62,554
Change in plan assets:
Fair market value at beginning of year........................... $ 59,976 $56,865
Actual return on plan assets ................................... 4,123 9,153
Employer contributions ...................................... 1,085 1,093
Benefits and settlements paid.................................. (6,522) (7,135)
Fair market value at end of year................................ $ 58,662 $59,976
Under funded and net amount recognized ........................... $(11,280) $ (2,578)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets.............................................. $ — $ 3,884
Current liabilities .............................................. (441) (623)
Noncurrent liabilities ........................................... (10,839) (5,839)
Net amount recognized....................................... $(11,280) $ (2,578)
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in
net periodic pension expense:
2011 2010
(In thousands)
Unrecognized transition obligation ......................................... $ (25) $ (39)
Unrecognized past service credit .......................................... 125 159
Unrecognized actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,089) (17,476)
Accumulated other comprehensive loss, pretax............................. $(23,989) $(17,356)
We expect to reclassify $2.7 million of the actuarial loss along with immaterial amounts of transition obligation
and past service credit into net periodic pension expense during 2012.
The following table sets forth certain information for the Pension Plan and the Supplemental Pension Plan at
January 28, 2012 and January 29, 2011:
Pension Plan Supplemental Pension Plan
January 28, 2012 January 29, 2011 January 28, 2012 January 29, 2011
(In thousands)
Projected benefit obligation . . . . . . . $62,992 $56,092 $6,950 $6,462
Accumulated benefit obligation . . . . 55,708 49,127 5,581 4,750
Fair market value of plan assets . . . . $58,662 $59,976 $ — $ —