Macy's 2011 Annual Report Download - page 72

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-32
11. Postretirement Health Care and Life Insurance Benefits
In addition to pension and other supplemental benefits, certain retired employees currently are provided with specified
health care and life insurance benefits. Eligibility requirements for such benefits vary by division and subsidiary, but generally
state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with
specified years of service. Certain employees are subject to having such benefits modified or terminated.
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement
obligations as of January 28, 2012 and January 29, 2011:
2011 2010
(millions)
Change in accumulated postretirement benefit obligation
Accumulated postretirement benefit obligation, beginning of year......................... $ 278 $ 278
Service cost .............................................................................................................. — —
Interest cost .............................................................................................................. 14 15
Actuarial (gain) loss ................................................................................................. (3) 8
Medicare Part D subsidy .......................................................................................... 2 2
Benefits paid............................................................................................................. (25)(25)
Accumulated postretirement benefit obligation, end of year................................... $ 266 $ 278
Change in plan assets
Fair value of plan assets, beginning of year............................................................. $ — $ —
Company contributions ............................................................................................ 25 25
Benefits paid............................................................................................................. (25)(25)
Fair value of plan assets, end of year ....................................................................... $ — $ —
Funded status at end of year............................................................................................ $ (266) $ (278)
Amounts recognized in the Consolidated Balance Sheets at
January 28, 2012 and January 29, 2011
Accounts payable and accrued liabilities ................................................................. $ (29) $ (30)
Other liabilities......................................................................................................... (237)(248)
$(266) $ (278)
Amounts recognized in accumulated other comprehensive (income) loss at
January 28, 2012 and January 29, 2011
Net actuarial gain ..................................................................................................... $ (23) $ (25)