Jack In The Box 2015 Annual Report Download - page 69
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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 27, 2015 and September 28, 2014 (in thousands):
Obligation at beginning of year
$ 434,896
$ 382,068
$ 69,733
$ 64,717
$ 27,626
$ 33,243
Service cost
7,592
7,633
676
490
—
—
Interest cost
19,750
20,196
2,945
3,049
1,196
1,639
Participant contributions
—
—
—
—
114
123
Actuarial loss (gain)
16,757
59,661
6,447
5,652
1,008
(6,082)
Benefits paid
(10,261)
(10,963)
(4,455)
(4,175)
(1,184)
(1,456)
Settlements
(26,470)
(23,699)
—
—
—
—
Other
—
—
—
—
151
159
Obligation at end of year
$ 442,264
$ 434,896
$ 75,346
$ 69,733
$ 28,911
$ 27,626
Fair value at beginning of year
$ 356,312
$ 336,425
$ —
$ —
$ —
$ —
Actual return on plan assets
(6,924)
34,549
—
—
—
—
Participant contributions
—
—
—
—
114
123
Employer contributions
20,000
20,000
4,455
4,175
919
1,174
Benefits paid
(10,261)
(10,963)
(4,455)
(4,175)
(1,184)
(1,456)
Settlements
(26,470)
(23,699)
—
—
—
—
Other
—
—
—
—
151
159
Fair value at end of year
$ 332,657
$ 356,312
$ —
$ —
$ —
$ —
$ (109,607)
$ (78,584)
$ (75,346)
$ (69,733)
$ (28,911)
$ (27,626)
Current liabilities
$ —
$ —
$ (4,477)
$ (4,479)
$ (1,294)
$ (1,269)
Noncurrent liabilities
(109,607)
(78,584)
(70,869)
(65,254)
(27,617)
(26,357)
Total liability recognized
$ (109,607)
$ (78,584)
$ (75,346)
$ (69,733)
$ (28,911)
$ (27,626)
Unamortized actuarial loss, net
$ 153,156
$ 114,482
$ 31,738
$ 26,425
$ 3,226
$ 2,400
Unamortized prior service cost
—
—
811
1,080
—
—
Total
$ 153,156
$ 114,482
$ 32,549
$ 27,505
$ 3,226
$ 2,400
Net actuarial loss (gain)
$ 46,952
$ 49,603
$ 6,447
$ 5,652
$ 1,008
$ (6,082)
Amortization of actuarial loss
(8,278)
(3,575)
(1,134)
(859)
(182)
(542)
Amortization of prior service cost
—
—
(269)
(269)
—
—
Total recognized in OCI
38,674
46,028
5,044
4,524
826
(6,624)
Net periodic benefit cost and other losses
12,347
6,912
5,024
4,667
1,378
2,181
Total recognized in comprehensive income
$ 51,021
$ 52,940
$ 10,068
$ 9,191
$ 2,204
$ (4,443)
Net actuarial loss
$ 2,828
$ 1,259
$ 218
Prior service cost
—
240
—
Total
$ 2,828
$ 1,499
$ 218
Additional year-end pension plan information — The projected 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.
F-23