Pier 1 2009 Annual Report Download - page 72
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 7—EMPLOYEE BENEFIT PLANS (Continued)
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 February 28, 2009
and March 1, 2008 (in thousands):
2009 2008
Change in projected benefit obligation:
Projected benefit obligation, beginning of year ........... $16,609 $ 16,460
Service cost .................................... 923 498
Interest cost .................................... 923 764
Actuarial (gain) loss(1) ............................. (715) 5,238
Benefits paid (including settlements) .................. (118) (6,351)
Projected benefit obligation, end of year ............... $17,622 $ 16,609
Reconciliation of funded status:
Projected benefit obligation ......................... $17,622 $ 16,609
Plan assets ..................................... — —
Funded status ................................... $(17,622) $(16,609)
Accumulated benefit obligation ........................ $(17,622) $(16,609)
Amounts recognized in the balance sheets:
Current liability ................................. $ (1,784) $ (326)
Noncurrent liability ............................... (15,838) (16,282)
Accumulated other comprehensive loss, pre-tax .......... 4,232 6,311
Net amount recognized ............................ $(13,390) $(10,297)
Cumulative other comprehensive loss, net of taxes of $3,291
in fiscal 2009 and 2008 .......................... $ 941 $ 3,020
Weighted average assumptions used to determine:
Benefit obligation, end of year:
Discount rate ................................. 5.00% 5.00%
Lump-sum conversion discount rate ................. 5.00% 2.75%
Rate of compensation increase(2) ................... 0.00% 0.00%
Net periodic benefit cost for years ended:
Discount rate ................................. 5.00% 5.50%
Lump-sum conversion discount rate ................. 2.75% 2.75%
Rate of compensation increase(2) ................... 0.00% 0.00%
(1) Actuarial loss for fiscal 2008 included the impact from the addition of the Company’s
President and Chief Executive Officer to the Plan during the year. Pursuant to his
employment agreement, he was entitled to initially participate in the Plan with the same
level of benefit as his accrued benefit at his former employer.
(2) The rate of compensation increase shown above reflects no increase anticipated for fiscal
2010. An increase of 3.0% was assumed for fiscal years 2011 and thereafter.
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