Big Lots 2013 Annual Report Download - page 204

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The weighted-average assumptions used to determine net periodic pension expense were:
2013 2012 2011
Discount rate 4.6%5.0 %5.7%
Rate of increase in compensation levels 3.5% 3.5 % 3.9%
Expected long-term rate of return 5.1%5.5 %8.0%
The weighted-average assumptions used to determine benefit obligations were:
2013 2012
Discount rate 5.0%4.6 %
Rate of increase in compensation levels 3.0% 3.5 %
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 1, 2014 and February 2, 2013:
(In thousands) February 1, 2014 February 2, 2013
Change in
p
rojected benefit obligation:
Projected benefit obligation at beginning of year $70,210 $ 69,942
Service cost 2,086 2,171
Interest cost 3,041 3,292
Benefits and settlements paid (5,035)(6,437)
Actuarial (gain) loss (5,424)1,242
Projected benefit obligation at end of year $64,878 $ 70,210
Change in plan assets:
Fair market value at beginning of year $59,376 $ 58,662
Actual return on plan assets 1,379 5,969
Employer contributions 609 1,182
Benefits and settlements paid (5,035)(6,437)
Fair market value at end of year $56,329 $ 59,376
Under funded and net amount recognized $(8,549)$ (10,834)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets $
—
$
—
Current liabilities (340)(361)
Noncurrent liabilities (8,209)(10,473)
Net amount recognized $(8,549)$ (10,834)