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63
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 February 2, 2013 and
January 28, 2012:
February 2, 2013 January 28, 2012
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . $ 69,942 $ 62,554
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,171 2,211
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,292 3,496
Benefits and settlements paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,437) (6,522)
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,242 8,203
Projected benefit obligation at end of year. . . . . . . . . . . . . . . . . . . . . . . . . $ 70,210 $ 69,942
Change in plan assets:
Fair market value at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 58,662 $ 59,976
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,969 4,123
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182 1,085
Benefits and settlements paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,437) (6,522)
Fair market value at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59,376 $ 58,662
Under funded and net amount recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(10,834) $(11,280)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ —
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (361) (441)
Noncurrent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,473) (10,839)
Net amount recognized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(10,834) $(11,280)
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in
net periodic pension expense:
2012 2011
(In thousands)
Unrecognized transition obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (12) $ (25)
Unrecognized past service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 125
Unrecognized actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,808) (24,089)
Accumulated other comprehensive loss, pretax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(19,730) $(23,989)
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 2013.