Rite Aid 2013 Annual Report Download - page 102

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended March 2, 2013, March 3, 2012 and February 26, 2011
(In thousands, except per share amounts)
16. 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 March 2, 2013 and March 3, 2012:
Defined Benefit Nonqualified Executive
Pension Plan Retirement Plan
2013 2012 2013 2012
Change in benefit obligations:
Benefit obligation at end of prior year .............. $142,310 $115,499 $ 14,509 $ 14,822
Service cost ................................. 2,908 2,988 — 21
Interest cost ................................. 6,128 6,501 616 771
Distributions ................................ (6,644) (6,957) (1,659) (1,700)
Change due to change in assumptions .............. 13,979 23,574 756 823
Change due to Plan amendments ................. — (275) — —
Actuarial (gain) loss ........................... (159) 980 110 (228)
Benefit obligation at end of year ................... $158,522 $142,310 $ 14,332 $ 14,509
Change in plan assets:
Fair value of plan assets at beginning of year ......... $108,196 $ 94,195 $ — $ —
Employer contributions ........................ 5,583 14,878 1,659 1,700
Actual return on plan assets ..................... 9,067 7,507 — —
Distributions (including expenses paid by the plan) .... (8,073) (8,384) (1,659) (1,700)
Fair value of plan assets at end of year ............... $114,773 $108,196 $ — $ —
Funded status ................................. $(43,749) $(34,114) $(14,331) $(14,509)
Net amount recognized .......................... $(43,749) $(34,114) $(14,331) $(14,509)
Amounts recognized in consolidated balance sheets
consisted of:
Prepaid pension cost .......................... $ — $ — $ — $ —
Accrued pension liability ........................ (43,749) (34,114) (14,331) (14,509)
Net amount recognized .......................... $(43,749) $(34,114) $(14,331) $(14,509)
Amounts recognized in accumulated other comprehensive
loss consist of:
Net actuarial loss ............................. $(59,143) $(50,168) $ — $ —
Prior service cost ............................. (547) (787) — —
Amount recognized ............................. $(59,690) $(50,955) $ — $ —
The estimated net actuarial loss and prior service cost amounts that will be amortized from
accumulated other comprehensive loss into net periodic pension expense in fiscal 2014 are $4,810 and
$240, respectively.
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