Jack In The Box 2014 Annual Report Download - page 68
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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 28, 2014 and September 29, 2013 (in thousands):
Obligation at beginning of year
$ 382,068
$ 466,097
$ 64,717
$ 63,156
$ 33,243
$ 37,307
Service cost
7,633
10,210
490
543
—
—
Interest cost
20,196
19,964
3,049
2,664
1,639
1,586
Participant contributions
—
—
—
—
123
131
Actuarial (gain) loss
59,661
(85,578)
5,652
1,773
(6,082)
(4,612)
Benefits paid
(34,662)
(28,625)
(4,175)
(3,419)
(1,456)
(1,331)
Other
—
—
—
—
159
162
Obligation at end of year
$ 434,896
$ 382,068
$ 69,733
$ 64,717
$ 27,626
$ 33,243
Fair value at beginning of year
$ 336,425
$ 311,988
$ —
$ —
$ —
$ —
Actual return on plan assets
34,549
33,062
—
—
—
—
Participant contributions
—
—
—
—
123
131
Employer contributions
20,000
20,000
4,175
3,419
1,174
1,038
Benefits paid and other
(34,662)
(28,625)
(4,175)
(3,419)
(1,297)
(1,169)
Fair value at end of year
$ 356,312
$ 336,425
$ —
$ —
$ —
$ —
$ (78,584)
$ (45,643)
$ (69,733)
$ (64,717)
$ (27,626)
$ (33,243)
Current liabilities
$ —
$ —
$ (4,479)
$ (4,392)
$ (1,269)
$ (1,438)
Noncurrent liabilities
(78,584)
(45,643)
(65,254)
(60,325)
(26,357)
(31,805)
Total liability recognized
$ (78,584)
$ (45,643)
$ (69,733)
$ (64,717)
$ (27,626)
$ (33,243)
Unamortized actuarial loss, net
$ 114,482
$ 68,454
$ 26,425
$ 21,632
$ 2,400
$ 9,024
Unamortized prior service cost
—
—
1,080
1,349
—
—
Total
$ 114,482
$ 68,454
$ 27,505
$ 22,981
$ 2,400
$ 9,024
Net actuarial (gain) loss
$ 49,603
$ (95,925)
$ 5,652
$ 1,773
$ (6,082)
$ (4,612)
Amortization of actuarial loss
(3,575)
(15,665)
(859)
(2,170)
(542)
(791)
Amortization of prior service cost
—
—
(269)
(269)
—
—
Total recognized in OCI
46,028
(111,590)
4,524
(666)
(6,624)
(5,403)
Net periodic benefit cost and other losses
6,912
23,124
4,667
5,646
2,181
2,377
Total recognized in comprehensive income
$ 52,940
$ (88,466)
$ 9,191
$ 4,980
$ (4,443)
$ (3,026)
Net actuarial loss
$ 8,278
$ 1,134
$ 181
Prior service cost
—
269
—
Total
$ 8,278
$ 1,403
$ 181
Additional year-end pension plan information — The 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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