Foot Locker 2011 Annual Report Download - page 79

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FOOT LOCKER, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
20. Retirement Plans and Other Benefits
Pension and Other Postretirement Plans
The Company has defined benefit pension plans covering certain of its North American employees, which
are funded in accordance with the provisions of the laws where the plans are in effect. In addition to
providing pension benefits, the Company sponsors postretirement medical and life insurance plans, which
are available to most of its retired U.S. employees. These plans are contributory and are not funded. The
measurement date of the assets and liabilities is the last day of the fiscal year. The following tables set forth
the plans’ changes in benefit obligations and plan assets, funded status, and amounts recognized in the
Consolidated Balance Sheets, measured at January 28, 2012 and January 29, 2011:
Pension
Benefits
Postretirement
Benefits
2011 2010 2011 2010
(in millions)
Change in benefit obligation
Benefit obligation at beginning of year $669 $654 $ 12 $ 13
Service cost 12 13 — —
Interest cost 32 33 1 —
Plan participants’ contributions — — 3 3
Actuarial loss 47 24 2 —
Foreign currency translation adjustments (1) 6 — —
Plan amendment — — 1 —
Benefits paid (55) (61) (4) (4)
Benefit obligation at end of year $704 $669 $ 15 $ 12
Change in plan assets
Fair value of plan assets at beginning of year $601 $550
Actual return on plan assets 63 70
Employer contributions 31 36
Foreign currency translation adjustments (1) 6
Benefits paid (55) (61)
Fair value of plan assets at end of year $639 $601
Funded status $ (65) $ (68) $(15) $(12)
Amounts recognized on the Balance Sheet:
Other assets $ 8 $ 2 $ — $ —
Accrued and other liabilities (3) (3) (1) (1)
Other liabilities (70) (67) (14) (11)
$ (65) $ (68) $(15) $(12)
Amounts recognized in accumulated other
comprehensive loss, pre-tax:
Net loss (gain) $446 $438 $(21) $(28)
Prior service cost (credit) 1 1 — (2)
$447 $439 $(21) $(30)
59