Foot Locker 2006 Annual Report Download - page 69

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53
Pension Benefits
Postretirement
Benefits
2006 2005 2006 2005
(in millions)
Change in plan assets
Fair value of plan assets at beginning of year . . . $ 579 $ 551
Actual return on plan assets ................ 60 60
Employer contribution .................... 70 29
Foreign currency translation adjustments ...... (2) 5
Benefits paid ........................... (60) (66)
Fair value of plan assets at end of year ........ $647 $579
Funded status
Funded status........................... $ (15) $(110) $(13) $(17)
Unrecognized prior service cost (benefit) ...... 3 (9)
Unrecognized net (gain) loss ............... 303 (60)
Prepaid asset (accrued liability) ............. $196 $(86)
Balance Sheet caption reported in:
Intangible assets ........................ $ — $ 1 $— $ —
Other assets ............................ 8 — — —
Accrued and other liabilities ............... (2) (70) (2) (2)
Other liabilities ......................... (21) (42) (11) (84)
Accumulated other comprehensive loss, pre-tax. . — 307 — —
$ (15) $ 196 $(13) $(86)
At February 3, 2007, the aggregate amount of accumulated benefit obligations which exceed plan assets totaled
$23 million representing the Company’s nonqualified pension plans. The Company’s qualified pension plans were fully
funded at February 3, 2007. At January 28, 2006, the accumulated benefit obligations of $688 million exceeded plan
assets of $579 million for all pension plans.
Amounts recognized in accumulated other comprehensive loss (pre-tax) at February 3, 2007 consists of:
Pension
Benefits
Postretirement
Benefits
Prior service cost (benefit) ................... $ 4 $ (7)
Net actuarial (gain)loss ..................... 274 (53)
Total amount recognized ..................... $278 $ (60)
The following represents the change to the Consolidated Balance Sheet as of February 3, 2007 as a result of the
adoption of SFAS No. 158:
Prior to
AML and
Statement
No. 158
Adju stm ent s
AML
Adjustment
Effect of
Adoption
Statement
No. 158
Post AML and
Statement
No. 158
Adjustments
(in millions)
Current assets ................................... 2,034 — — 2,034
Deferred taxes ................................... 144 (120) 85 109
Intangible assets ................................. 106 (1) — 105
Other assets ..................................... 75 — 8 83
Total assets ..................................... $3,277 (121) 93 $3,249