Mattel 2005 Annual Report Download - page 77
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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
2005 2004 2005 2004
Change in Benefit Obligation
Benefit obligation, beginning of year ...................... $418,410 $ 377,396 $ 58,564 $ 61,425
Service cost .......................................... 10,016 7,998 119 121
Interest cost .......................................... 23,117 21,584 3,245 3,404
Participant contributions ................................ 54 55 — —
Plan amendments ...................................... 16,820 — — —
Special termination benefits .............................. — 519 — —
Impact of currency exchange rate changes .................. (10,551) 4,381 — —
Actuarial loss (gain) .................................... 29,158 23,528 1,732 (1,200)
Benefits paid ......................................... (20,571) (17,051) (3,722) (5,186)
Benefit obligation, end of year ........................... $466,453 $ 418,410 $ 59,938 $ 58,564
Change in Plan Assets
Plan assets at fair value, beginning of year .................. $287,667 $ 259,782 $ — $ —
Actual return on plan assets .............................. 21,176 32,208 — —
Employer contributions ................................. 13,266 9,704 3,722 5,186
Participant contributions ................................ 54 55 — —
Impact of currency exchange rate changes .................. (5,028) 2,969 — —
Benefits paid ......................................... (20,571) (17,051) (3,722) (5,186)
Plan assets at fair value, end of year ....................... $296,564 $ 287,667 $ — $ —
Net Amount Recognized in the Consolidated Balance Sheets
Funded status of the plans ............................... $(169,889) $(130,743) $(59,938) $(58,564)
Unrecognized actuarial loss .............................. 178,215 159,687 23,970 23,744
Unrecognized prior service cost .......................... 17,161 3,822 — —
Net amount recognized ................................. $ 25,487 $ 32,766 $(35,968) $(34,820)
Intangible asset ....................................... $ 17,161 $ 3,822 $ — $ —
Accrued benefit liability ................................ (99,403) (67,840) (35,968) (34,820)
Accumulated other comprehensive loss (a) .................. 107,729 96,784 — —
Net amount recognized ................................. $ 25,487 $ 32,766 $(35,968) $(34,820)
(a) The tax benefits related to accumulated other comprehensive loss are $39.0 million and $34.7 million for
December 31, 2005 and 2004, respectively.
Mattel’s accumulated benefit obligation of its defined benefit pension plans as of December 31, 2005 and
2004 totaled $428.4 million and $395.0 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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