Abercrombie & Fitch Co. discloses the following footnote relating to its retirement plans in its 2012 10-K
Question:
Abercrombie \& Fitch Co. discloses the following footnote relating to its retirement plans in its 2012 10-K report.
a. Does Abercrombie have a defined contribution or defined benefit pension plan? Explain.
b. How does Abercrombie account for its contributions to its retirement plan?
c. How does Abercrombie report its obligation for its retirement plan on the balance sheet?
Transcribed Image Text:
Retirement Benefits The Company maintains the Abercrombie & Fitch Co. Savings & Retirement Plan, a qualified plan. All U.S. associates are eligible to participate in this plan if they are at least 21 years of age and have completed a year of employment with 1,000 or more hours of service. In addition, the Company maintains the Abercrombie & Fitch Co. Nonqualified Savings and Supplemental Retirement, composed of two sub-plans (Plan I and Plan II). Plan I contains contributions made through December 31, 2004, while Plan II contains contributions made on and after January 1, 2005. Participation in these plans is based on service and compensation. The Company's contributions are based on a percentage of associates' eligible annual compensation. The cost of the Company's contributions to these plans was $21.1 million in Fiscal 2012, $16.4 million in Fiscal 2011 and $19.4 million in Fiscal 2010.
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Related Book For
Financial And Managerial Accounting For MBAs
ISBN: 9781618533593
6th Edition
Authors: Peter D. Easton
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