Big Lots 2015 Annual Report Download - page 138
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61
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 30, 2016 and January 31, 2015:
(In thousands) January 30, 2016 January 31, 2015
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $ 78,187 $ 64,878
Service cost 1,923 1,951
Interest cost 2,444 3,218
Plan amendments — 217
Plan curtailments (7,291)—
Benefits and settlements paid (7,564)(7,857)
Actuarial loss 7,712 15,780
Projected benefit obligation at end of year $ 75,411 $ 78,187
Change in plan assets:
Fair market value at beginning of year $ 55,292 $ 56,329
Actual return on plan assets (3,025) 5,685
Employer contributions 10,933 1,135
Benefits and settlements paid (7,564)(7,857)
Fair market value at end of year $ 55,636 $ 55,292
Under funded and net amount recognized $ (19,774)$ (22,895)
Amounts recognized in the consolidated balance sheets consist of:
Current liabilities $ (19,774)$ (372)
Noncurrent liabilities — (22,523)
Net amount recognized $ (19,774)$ (22,895)
As a result of executing the plan termination amendments, the pension liability and other comprehensive loss were recalculated
to reflect the elimination of future compensation increases, which resulted in a decrease of $7.3 million, before tax.
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in net periodic
pension expense:
(In thousands) 2015 2014
Unrecognized past service credit $ — $ (195)
Unrecognized actuarial loss (26,418)(24,074)
Accumulated other comprehensive loss, pretax $ (26,418)$ (24,269)
We expect to reclassify $2.5 million of the actuarial loss into net periodic pension expense during 2016. Additionally, if we are
able to complete the distribution of the pension plans during 2016, we will recognize the remaining unrecognized actuarial loss
into income through settlement charges.