Big Lots 2014 Annual Report Download - page 140
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62
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 31, 2015 and February 1, 2014:
(In thousands) January 31, 2015 February 1, 2014
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 64,878 $ 70,210
Service cost 1,951 2,086
Interest cost 3,218 3,041
Plan amendments 217 —
Benefits and settlements paid (7,857)(5,035)
Actuarial loss (gain) 15,780 (5,424)
Projected benefit obligation at end of year $ 78,187 $ 64,878
Change in plan assets:
Fair market value at beginning of year $ 56,329 $ 59,376
Actual return on plan assets 5,685 1,379
Employer contributions 1,135 609
Benefits and settlements paid (7,857)(5,035)
Fair market value at end of year $ 55,292 $ 56,329
Under funded and net amount recognized $ (22,895) $ (8,549)
Amounts recognized in the consolidated balance sheets consist of:
Current liabilities $ (372) $ (340)
Noncurrent liabilities (22,523)(8,209)
Net amount recognized $ (22,895) $ (8,549)
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in net periodic
pension expense:
(In thousands) 2014 2013
Unrecognized past service credit $ (195) $ 56
Unrecognized actuarial loss (24,074)(14,124)
Accumulated other comprehensive loss, pretax $ (24,269) $ (14,068)
We expect to reclassify $2.0 million of the actuarial loss along with an immaterial amount of past service credit into net
periodic pension expense during 2015.