Mattel 2004 Annual Report Download - page 79
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A summary of the changes in benefit obligation and plans assets is as follows (in thousands):
Defined Benefit
Pension Plans
Postretirement
Benefit Plans
2004 2003 2004 2003
Change in Benefit Obligation
Benefit obligation, beginning of year ...................... $377,396 $ 334,290 $ 61,425 $ 57,158
Service cost .......................................... 7,998 7,162 121 129
Interest cost .......................................... 21,584 21,019 3,404 3,570
Participant contributions ................................ 55 360 — —
Plan amendments ...................................... — (169) — —
Special termination benefits .............................. 519 — — —
Impact of currency exchange rate changes .................. 4,381 7,856 — —
Actuarial loss (gain) .................................... 23,528 23,891 (1,200) 4,719
Benefits paid ......................................... (17,051) (17,013) (5,186) (4,151)
Benefit obligation, end of year ........................... $418,410 $ 377,396 $ 58,564 $ 61,425
Change in Plan Assets
Plan assets at fair value, beginning of year .................. $259,782 $ 231,893 $ — $ —
Actual return on plan assets .............................. 32,208 31,172 — —
Employer contributions ................................. 9,704 8,436 5,186 4,151
Participant contributions ................................ 55 360 — —
Impact of currency exchange rate changes .................. 2,969 4,934 — —
Benefits paid ......................................... (17,051) (17,013) (5,186) (4,151)
Plan assets at fair value, end of year ....................... $287,667 $ 259,782 $ — $ —
Net Amount Recognized in the Consolidated Balance Sheets
Funded status of the plans ............................... $(130,743) $(117,614) $(58,564) $(61,425)
Unrecognized actuarial loss .............................. 159,687 154,295 23,744 26,442
Unrecognized prior service cost .......................... 3,822 5,244 — —
Additional minimum liability ............................ (100,606) (99,849) — —
Accrued benefit liability ................................ $ (67,840) $ (57,924) $(34,820) $(34,983)
Intangible asset ....................................... $ 3,822 $ 5,244 $ — $ —
Accrued benefit liability ................................ (67,840) (57,924) (34,820) (34,983)
Accumulated other comprehensive loss (a) .................. 61,472 60,042 — —
(Accrued) prepaid benefit cost ............................ $ (2,546) $ 7,362 $(34,820) $(34,983)
(a) Amounts recorded in accumulated other comprehensive loss are shown net of tax benefits of $34.7 million
and $34.6 million for year end 2004 and 2003, respectively.
Mattel’s accumulated benefit obligation as of year end 2004 and 2003 of its defined benefit pension plans
totaled $395.0 million and $357.4 million, respectively. Mattel does not have any defined benefit pension plans
whose plan assets exceed the accumulated benefit obligation of such plans.
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