Jack In The Box 2014 Annual Report Download - page 69
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As of September 28, 2014 and September 29, 2013, 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 28, 2014 and September 29, 2013. 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
$ 434,896
$ 382,068
Accumulated benefit obligation
$ 433,010
$ 377,800
Fair value of plan assets
$ 356,312
$ 336,425
Projected benefit obligation
$ 69,733
$ 64,717
Accumulated benefit obligation
$ 68,914
$ 64,385
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
$ 7,633
$ 10,210
$ 9,068
Interest cost
20,196
19,964
19,891
Expected return on plan assets
(24,492)
(22,715)
(20,332)
Actuarial loss
3,575
15,665
11,871
Cost of VERP
—
—
6,167
Net periodic benefit cost
$ 6,912
$ 23,124
$ 26,665
Service cost
$ 490
$ 543
$ 466
Interest cost
3,049
2,664
3,056
Actuarial loss
859
2,170
1,140
Amortization of unrecognized prior service cost
269
269
432
Net periodic benefit cost
$ 4,667
$ 5,646
$ 5,094
Service cost
$ —
$ —
$ 61
Interest cost
1,639
1,586
1,617
Actuarial loss
542
791
89
Net periodic benefit cost
$ 2,181
$ 2,377
$ 1,767
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.
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