Rite Aid 2011 Annual Report Download - page 98

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 26, 2011, February 27, 2010 and February 28, 2009
(In thousands, except per share amounts)
15. Retirement Plans (Continued)
The table below sets forth reconciliation from the beginning of the year for both the benefit
obligation and plan assets of the Company’s defined benefit plans, as well as the funded status and
amounts recognized in the Company’s balance sheet as of February 26, 2011 and February 27, 2010:
Defined Benefit Nonqualified Executive
Pension Plan Retirement Plan
2011 2010 2011 2010
Change in benefit obligations:
Benefit obligation at end of prior year .............. $103,876 $ 88,409 $ 14,878 $ 17,090
Service cost ................................. 2,972 2,603 72 54
Interest cost ................................. 6,124 6,032 847 1,130
Distributions ................................ (6,353) (5,965) (1,568) (1,824)
Change due to change in assumptions .............. 7,357 12,027 426 865
Actuarial (gain) loss ........................... 1,523 770 167 (2,437)
Benefit obligation at end of year ................... $115,499 $103,876 $ 14,822 $ 14,878
Change in plan assets:
Fair value of plan assets at beginning of year ......... $ 73,676 $ 57,187 $ — $ —
Employer contributions ........................ 13,451 2,681 1,568 1,824
Actual return on plan assets ..................... 14,858 21,203 — —
Distributions (including expenses paid by the plan) .... (7,790) (7,395) (1,568) (1,824)
Fair value of plan assets at end of year ............... $ 94,195 $ 73,676 $ — $ —
Funded status ................................. $(21,304) $(30,200) $(14,822) $(14,878)
Unrecognized net actuarial loss .................... — — — —
Unrecognized prior service cost .................... — — — —
Unrecognized net transition obligation ............... — — — —
Net amount recognized .......................... $(21,304) $(30,200) $(14,822) $(14,878)
Amounts recognized in consolidated balance sheets
consisted of:
Prepaid pension cost .......................... $ — $ — $ — $ —
Accrued pension liability ........................ (21,304) (30,200) (14,822) (14,878)
Pension intangible asset ........................ — — — —
Minimum pension liability included in accumulated
other comprehensive loss ...................... — — — —
Net amount recognized .......................... $(21,304) $(30,200) $(14,822) $(14,878)
Amounts recognized in accumulated other comprehensive
loss consist of:
Net actuarial (loss) gain ........................ $(28,029) $(29,865) $ 1,177 $ 2,696
Prior service cost ............................. (1,700) (2,562) — —
Net transition obligation ........................ — — — —
Amount recognized ............................. $(29,729) $ (32,427) $ 1,177 $ 2,696
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