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Analyzing and Interpreting Retirement Benefit Footnote

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Question - Analyzing and Interpreting Retirement Benefit Footnote

Abercrombie & Fitch Co. discloses the following footnote relating to its retirement plans in its 2015 10-K report.

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. 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 percentage of associates' eligible annual compensation. The cost of the Company's contributions to these plans was $15.4 million, $13.8 million and $18.3 million in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively.

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?

Reference no: EM132605099

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