Mattel 2009 Annual Report Download - page 82
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A summary of retirement plan expense is as follows:
For the Year
2009 2008 2007
(In millions)
Defined contribution retirement plans ......................................... $33.4 $35.8 $34.5
Defined benefit pension plans ............................................... 27.7 19.6 22.2
Deferred compensation and excess benefit plans ................................. 6.0 (6.7) 3.6
Postretirement benefit plans ................................................. 2.6 3.4 3.8
$69.7 $52.1 $64.1
Defined Benefit Pension and Postretirement Benefit Plans
Mattel provides defined benefit pension plans for eligible domestic employees, which are intended to
comply with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Some of
Mattel’s foreign subsidiaries have defined benefit pension plans covering substantially all of their eligible
employees. Mattel funds these plans in accordance with the terms of the plans and local statutory requirements,
which differ for each of the countries in which the subsidiaries are located. Mattel also has unfunded
postretirement health insurance plans covering certain eligible domestic employees.
A summary of the components of Mattel’s net periodic benefit cost and other changes in plan assets and
benefit obligations recognized in other comprehensive income for the years ended December 31 are as follows:
Defined Benefit Pension Plans Postretirement Benefit Plans
2009 2008 2007 2009 2008 2007
(In thousands)
Net periodic benefit cost:
Service cost ................................... $11,153 $ 11,989 $ 12,305 $ 82 $ 100 $ 99
Interest cost ................................... 26,606 26,299 25,327 2,263 2,797 2,832
Expected return on plan assets ..................... (24,330) (26,396) (25,539) — — —
Amortization of prior service cost .................. 1,815 1,865 1,919 — — —
Recognized actuarial loss ......................... 12,502 5,828 8,139 237 513 846
Net periodic benefit cost ......................... $27,746 $ 19,585 $ 22,151 $ 2,582 $3,410 $ 3,777
Other changes in plan assets and benefit obligations
recognized in other comprehensive income:
Net (gain) loss ................................. $(26,705) $139,637 $(40,274) $(3,609) $2,531 $(2,704)
Prior service credit .............................. 347 (39) (124) — — —
Amortization of prior service cost .................. (1,815) (1,865) (1,919) — — —
Total recognized in other comprehensive income (a) . . . $(28,173) $137,733 $(42,317) $(3,609) $2,531 $(2,704)
Total recognized in net periodic benefit cost and other
comprehensive income ........................ $ (427) $157,318 $(20,166) $(1,027) $5,941 $ 1,073
(a) Amounts exclude related tax expense (benefit) of $13.1 million, $(52.6) million, and $16.7 million during
2009, 2008, and 2007, respectively, which are also included in other comprehensive income.
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