Jack In The Box 2011 Annual Report Download - page 69

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Table of Contents


Additional year-end pension plan information — The pension benefit obligation (“PBO”) is the actuarial present value of benefits attributable to
employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation (“ABO”) also reflects the
actuarial present value of benefits attributable to employee service rendered to date but does not include the effects of estimated future pay increases.
Therefore, the ABO as compared to plan assets is an indication of the assets currently available to fund vested and nonvested benefits accrued through
the end of the fiscal year. The funded status is measured as the difference between the fair value of a plan’s assets and its PBO.
As of October 2, 2011 and October 3, 2010, the qualified plan’s ABO exceeded the fair value of its plan assets. The non-qualified plan is an unfunded
plan and, as such, had no plan assets as of October 2, 2011 and October 3, 2010. The following sets forth the PBO, ABO and fair value of plan assets
of our pension plans as of the measurement date in each year (in thousands):
 

Projected benefit obligation $ 354,472 $ 321,941
Accumulated benefit obligation $ 338,636 $ 302,982
Fair value of plan assets $ 261,835 $ 270,819

Projected benefit obligation $ 55,604 $ 53,505
Accumulated benefit obligation $ 55,427 $ 53,282
Fair value of plan assets $ - $ -
Net periodic benefit cost — The components of the fiscal year net periodic benefit cost were as follows (in thousands):
  

Service cost $ 9,982 $ 11,726 $ 9,045
Interest cost 18,557 17,704 15,334
Expected return on plan assets (20,732) (17,714) (17,485)
Actuarial loss 8,518 9,969 55
Amortization of unrecognized prior service cost - 124 124
Prior service cost due to curtailment - 56 -
Net periodic benefit cost $ 16,325 $ 21,865 $ 7,073

Service cost $ 806 $ 829 $ 641
Interest cost 3,023 3,003 2,907
Actuarial loss 1,305 1,189 396
Amortization of unrecognized prior service cost 488 465 707
Net periodic benefit cost $ 5,622 $ 5,486 $ 4,651

Service cost $ 80 $ 106 $ 99
Interest cost 1,585 1,435 1,199
Actuarial loss (gain) 202 64 (964)
Amortization of unrecognized prior service cost 31 184 185
Net periodic benefit cost $ 1,898 $ 1,789 $ 519
F-25