Macy's 2009 Annual Report Download - page 88
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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 30, 2010 and January 31, 2009:
2009 2008
(millions)
Change in accumulated postretirement benefit obligation
Accumulated postretirement benefit obligation, beginning of year ........... $277 $351
Interest cost ...................................................... 19 19
Actuarial (gain) loss ............................................... 8 (70)
Medicare Part D subsidy ............................................ 2 2
Benefits paid ..................................................... (28) (25)
Accumulated postretirement benefit obligation, end of year ................ $278 $277
Change in plan assets
Fair value of plan assets, beginning of year ............................. $ – $ –
Company contributions ............................................. 28 25
Benefits paid ..................................................... (28) (25)
Fair value of plan assets, end of year .................................. $ – $ –
Funded status at end of year ............................................. $(278) $(277)
Amounts recognized in the Consolidated Balance Sheets at
January 30, 2010 and January 31, 2009
Accounts payable and accrued liabilities ............................... $ (31) $ (39)
Other liabilities ................................................... (247) (238)
$(278) $(277)
Amounts recognized in accumulated other comprehensive income at
January 30, 2010 and January 31, 2009
Net actuarial gain ................................................. $ (38) $ (53)
Net postretirement benefit costs and other amounts recognized in other comprehensive income included the
following actuarially determined components:
2009 2008 2007
(millions)
Net Periodic Postretirement Benefit Cost
Service cost ......................................................... $ – $ – $ –
Interest cost ......................................................... 19 19 21
Amortization of net actuarial (gain) loss ................................... (7) (3) 1
Amortization of prior service credit ...................................... – – (1)
12 16 21
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Income
Net actuarial (gain) loss ............................................... 8 (70) (3)
Amortization of net actuarial gain (loss) ................................... 7 3 (1)
Amortization of prior service credit ...................................... – – 1
15 (67) (3)
Total recognized in net periodic postretirement benefit cost and other comprehensive
income ................................................................... $27 $(51) $18
F-40