Macy's 2008 Annual Report Download - page 87
Download and view the complete annual report
Please find page 87 of the 2008 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77 -
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
 |
 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the
postretirement obligations as of January 31, 2009 and February 2, 2008:
2008 2007
(millions)
Change in accumulated postretirement benefit obligation
Accumulated postretirement benefit obligation, beginning of year ........... $351 $361
Interest cost ...................................................... 19 21
Adjustment for measurement date change .............................. – 1
Actuarial gain .................................................... (70) (3)
Medicare Part D subsidy ............................................ 2 2
Benefits paid ..................................................... (25) (31)
Accumulated postretirement benefit obligation, end of year ................ $277 $351
Change in plan assets
Fair value of plan assets, beginning of year ............................. $ – $ –
Company contributions ............................................. 25 31
Benefits paid ..................................................... (25) (31)
Fair value of plan assets, end of year .................................. $ – $ –
Funded status at end of year ............................................. $(277) $(351)
Amounts recognized in the Consolidated Balance Sheets at
January 31, 2009 and February 2, 2008
Accounts payable and accrued liabilities ............................... $ (39) $ (34)
Other liabilities ................................................... (238) (317)
$(277) $(351)
Amounts recognized in accumulated other comprehensive (income) loss at
January 31, 2009 and February 2, 2008
Net actuarial (gain) loss ............................................ $ (53) $ 14
Net postretirement benefit costs and other amounts recognized in other comprehensive income included the
following actuarially determined components:
2008 2007 2006
(millions)
Net Periodic Postretirement Benefit Cost
Service cost ......................................................... $ – $ – $ –
Interest cost ......................................................... 19 21 20
Amortization of net actuarial gain (loss) ................................... (3) 1 1
Amortization of prior service credit ...................................... – (1) (2)
16 21 19
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Income
Net actuarial gain .................................................... (70) (3) –
Amortization of net actuarial gain (loss) ................................... 3 (1) –
Amortization of prior service credit ...................................... – 1 –
(67) (3) –
Total recognized in net periodic postretirement benefit cost and other comprehensive
income ................................................................... $(51) $18 $19
F-39