Jack In The Box 2013 Annual Report Download - page 66

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

As of September 29, 2013 and September 30, 2012, the Qualified Plan’s ABO exceeded the fair value of its plan assets. The SERP is an unfunded plan and,
as such, had no plan assets as of September 29, 2013 and September 30, 2012. 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
$382,068
$466,097
Accumulated benefit obligation
$377,800
$458,493
Fair value of plan assets
$336,425
$311,988

Projected benefit obligation
$64,717
$63,156
Accumulated benefit obligation
$64,385
$60,602
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
$10,210
$9,068
$9,982
Interest cost
19,964
19,891
18,557
Expected return on plan assets
(22,715)
(20,332)
(20,732)
Actuarial loss
15,665
11,871
8,518
Cost of VERP
—
6,167
—
Net periodic benefit cost
$23,124
$26,665
$16,325

Service cost
$ 543
$ 466
$ 806
Interest cost
2,664
3,056
3,023
Actuarial loss
2,170
1,140
1,305
Amortization of unrecognized prior service cost
269
432
488
Net periodic benefit cost
$5,646
$5,094
$5,622

Service cost
$ —
$61
$ 80
Interest cost
1,586
1,617
1,585
Actuarial loss
791
89
202
Amortization of unrecognized prior service cost
—
—
31
Net periodic benefit cost
$2,377
$1,767
$1,898
Prior service costs are amortized on a straight-line basis from date of participation to full eligibility. Unrecognized gains or losses are amortized using the
“corridor approach.” Under the corridor approach, the net gain or loss in excess of 10% of the greater of the PBO or the market-related value of the assets, if
applicable, is amortized on a straight-line basis over the remaining service period of plan participants expected to receive benefits.
F-24