Pier 1 2007 Annual Report Download - page 66
Download and view the complete annual report
Please find page 66 of the 2007 Pier 1 annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74 -
75 -
76 -
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
 |
 |
Measurement of obligations for the Plans is calculated as of each fiscal year end. The following provides
a reconciliation of benefit obligations and funded status of the Plans as of March 3, 2007 and February 25,
2006 (in thousands):
2007 2006
Change in projected benefit obligation:
Projected benefit obligation, beginning of year ...................... $38,936 $ 36,342
Service cost ............................................... 2,405 2,043
Interest cost ............................................... 1,931 1,590
Actuarial (gain) loss ......................................... (1,317) 2,187
Benefits paid (including settlements) ............................. (25,495) (3,226)
Projected benefit obligation, end of year .......................... $16,460 $ 38,936
Reconciliation of funded status:
Projected benefit obligation .................................... $16,460 $ 38,936
Plan assets ................................................ — —
Funded status .............................................. $(16,460) (38,936)
Unrecognized net loss ........................................ 11,806
Unrecognized prior service cost................................. 3,609
Accrued pension cost ........................................ (23,521)
Additional minimum liability................................... (12,473)
Accrued benefit liability ...................................... $(35,994)
Accumulated benefit obligation ................................... $(16,122) $(35,994)
Amounts recognized in the balance sheets:
Current liability ............................................ $ (6,285) $ —
Noncurrent liability .......................................... (10,175) (35,994)
Intangible asset ............................................. — 3,609
Accumulated other comprehensive loss, pre-tax ..................... 3,323 8,864
Net amount recognized ....................................... $(13,137) $(23,521)
Cumulative other comprehensive loss, net of taxes of $3,291 ........... $ 32 $ 5,573
Weighted average assumptions used to determine:
Benefit obligation, end of year:
Discount rate ............................................ 5.50% 5.00%
Lump-sum conversion discount rate ............................ 2.75% 2.75%
Rate of compensation increase ................................ 5.00% 3.50%
Net periodic benefit cost for years ended:
Discount rate ............................................ 5.00% 4.50%
Lump-sum conversion discount rate ............................ 2.75% 3.00%
Rate of compensation increase ................................ 5.00% 5.00%
64
Pier 1 Imports, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)