Mattel 2009 Annual Report Download - page 84
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Mattel used a measurement date of December 31, 2009 for its defined benefit pension plans and
postretirement benefit plans. A summary of the changes in benefit obligation and plans assets is as follows:
Defined Benefit
Pension Plans
Postretirement
Benefit Plans
2009 2008 2009 2008
(In thousands)
Change in Benefit Obligation:
Benefit obligation, beginning of year ...................... $478,703 $ 441,985 $ 50,985 $ 48,167
Service cost .......................................... 11,153 11,989 82 100
Interest cost .......................................... 26,606 26,299 2,263 2,797
Participant contributions ................................ 47 56 — —
Plan amendments ...................................... 394 — — —
Impact of currency exchange rate changes .................. 7,561 (20,541) — —
Actuarial loss (gain) .................................... 13,792 44,286 (3,364) 3,044
Benefits paid ......................................... (24,949) (25,371) (3,494) (3,123)
Benefit obligation, end of year ........................... $513,307 $ 478,703 $ 46,472 $ 50,985
Change in Plan Assets:
Plan assets at fair value, beginning of year .................. $233,939 $ 330,363 $ — $ —
Actual return on plan assets .............................. 52,701 (71,323) — —
Employer contributions ................................. 30,388 15,279 3,494 3,123
Participant contributions ................................ 47 56 — —
Impact of currency exchange rate changes .................. 4,702 (15,065) — —
Benefits paid ......................................... (24,949) (25,371) (3,494) (3,123)
Plan assets at fair value, end of year ....................... $296,828 $ 233,939 $ — $ —
Net Amount Recognized in Consolidated Balance Sheets:
Funded status, end of year ............................... $(216,479) $(244,764) $(46,472) $(50,985)
Current accrued benefit liability .......................... (4,517) (5,792) (3,200) (3,400)
Noncurrent accrued benefit liability ....................... (211,962) (238,972) (43,272) (47,585)
Total accrued benefit liability ............................ $(216,479) $(244,764) $(46,472) $(50,985)
Amounts recognized in Accumulated Other Comprehensive
Loss (a):
Net loss .............................................. $210,522 $ 237,227 $ 9,645 $ 13,254
Prior service cost ...................................... 5,040 6,508 — —
$ 215,562 $ 243,735 $ 9,645 $ 13,254
(a) Amounts exclude related tax benefits of $83.2 million and $96.3 million for December 31, 2009 and 2008,
respectively, which are also included in accumulated other comprehensive loss.
The accumulated benefit obligation differs from the projected benefit obligation in that it assumes future
compensation levels will remain unchanged. Mattel’s accumulated benefit obligation for its defined benefit
pension plans as of December 31, 2009 and 2008 totaled $476.1 million and $446.2 million, respectively. Mattel
does not have any defined benefit pension plans for which the plan assets exceed the accumulated benefit
obligation.
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