Jack In The Box 2013 Annual Report Download - page 65
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Obligations and funded status — The following table provides a reconciliation of the changes in benefit obligations, plan assets and funded status of our
retirement plans as of September 29, 2013 and September 30, 2012 (in thousands):
Obligation at beginning of year
$466,097
$354,472
$63,156
$55,604
$37,307
$29,578
Service cost
10,210
9,068
543
466
—
61
Interest cost
19,964
19,891
2,664
3,056
1,586
1,617
Participant contributions
—
—
—
—
131
134
Actuarial (gain) loss
(85,578)
98,120
1,773
6,767
(4,612)
6,574
Benefits paid
(28,625)
(21,621)
(3,419)
(3,404)
(1,331)
(1,512)
Other
—
—
—
667
162
855
Cost of VERP
—
6,167
—
—
—
—
Obligation at end of year
$382,068
$466,097
$64,717
$63,156
$33,243
$37,307
Fair value at beginning of year
$311,988
$261,835
$ —
$ —
$ —
$ —
Actual return on plan assets
33,062
53,174
—
—
—
—
Participant contributions
—
—
—
—
131
134
Employer contributions
20,000
18,600
3,419
3,404
1,038
523
Benefits paid and other
(28,625)
(21,621)
(3,419)
(3,404)
(1,169)
(657)
Fair value at end of year
$336,425
$311,988
$ —
$ —
$ —
$ —
$(45,643)
$(154,109)
$(64,717)
$(63,156)
$(33,243)
$(37,307)
Current liabilities
$ —
$ —
$(4,392)
$(3,411)
$(1,438)
$(1,440)
Noncurrent liabilities
(45,643)
(154,109)
(60,325)
(59,745)
(31,805)
(35,867)
Total liability recognized
$(45,643)
$(154,109)
$(64,717)
$(63,156)
$(33,243)
$(37,307)
Unamortized actuarial loss, net
$68,454
$180,044
$21,632
$22,029
$9,024
$14,427
Unamortized prior service cost
—
—
1,349
1,618
—
—
Total
$68,454
$180,044
$22,981
$23,647
$9,024
$14,427
Net actuarial (gain) loss
$(95,925)
$65,278
$1,773
$6,767
$(4,612)
$6,574
Amortization of actuarial loss
(15,665)
(11,871)
(2,170)
(1,140)
(791)
(89)
Amortization of prior service cost
—
—
(269)
(432)
—
—
Total recognized in OCI
(111,590)
53,407
(666)
5,195
(5,403)
6,485
Net periodic benefit cost and other losses
23,124
26,665
5,646
5,094
2,377
1,767
Total recognized in comprehensive income
$(88,466)
$80,072
$4,980
$10,289
$(3,026)
$8,252
Net actuarial loss
$3,574
$859
$ 542
Prior service cost
—
269
—
Total
$3,574
$1,128
$ 542
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.
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