Dillard's 2002 Annual Report Download - page 42

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February 1, 2003 February 2, 2002
Change in plan assets:
Fair value of plan assets at beginning of year $ - $ -
Employer contribution 3,159 2,809
Benefits paid (3,159) (2,809)
Fair value of plan assets at end of year $ - $ -
Funded status (PBO less plan assets) $64,360 $45,163
Unamortized prior service costs (6,360) -
Unrecognized net actuarial gain (loss) (5,715) 5,429
Intangible asset 6,360 -
Unrecognized net loss 7,025 -
Accrued benefit cost $65,670 $50,592
ABO in excess of plan assets $64,126 $39,961
Amounts recognized in the balance sheets:
Accrued benefit liability $52,285 $50,592
Intangible asset 6,360 -
Accumulated other comprehensive loss 7,025 -
Net amount recognized $65,670 $50,592
Accrued benefit liability is included in other liabilities. Intangible asset is included in other assets. Accumulated other comprehensive
loss, net of tax benefit, is included in stockholders’ equity.
Weighted average assumptions are as follows:
Fiscal 2002 Fiscal 2001 Fiscal 2000
Discount rate-net periodic pension cost 7.25% 7.25% 7.25%
Discount rate-benefit obligations 6.75% 7.25% 7.25%
Rate of compensation increases 2.50% 2.50% 2.50%
The components of net periodic benefit costs are as follows:
(in thousands of dollars) Fiscal 2002 Fiscal 2001 Fiscal 2000
Components of net periodic benefit costs:
Service cost $1,416 $1,255 $1,197
Interest cost 3,592 3,287 3,326
Net actuarial loss (156) (103) (463)
Amortization of transition obligation - 2,688 2,688
Net periodic benefit costs $4,852 $7,127 $6,748
9. Stockholders’ Equity
Capital stock is comprised of the following:
Par Shares
Type Value Authorized
Preferred (5% cumulative) $100 5,000
Additional preferred $ .01 10,000,000
Class A, common $ .01 289,000,000
Class B, common $ .01 11,000,000
Holders of Class A are empowered as a class to elect one-third of the members of the Board of Directors and the holders of Class B
are empowered as a class to elect two-thirds of the members of the Board of Directors. Shares of Class B are convertible at the option
of any holder thereof into shares of Class A at the rate of one share of Class B for one share of Class A.
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