Macy's 2013 Annual Report Download - page 80
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Table of Contents
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 February 1, 2014
and February 2, 2013:
Change in accumulated postretirement benefit obligation
Accumulated postretirement benefit obligation, beginning of year $ 250
$266
Service cost —
—
Interest cost 10
12
Actuarial gain (15)
(4)
Medicare Part D subsidy 1
1
Benefits paid (23)
(25)
Accumulated postretirement benefit obligation, end of year 223
250
Change in plan assets
Fair value of plan assets, beginning of year —
—
Company contributions 23
25
Benefits paid (23)
(25)
Fair value of plan assets, end of year —
—
Funded status at end of year $(223)
$(250)
Amounts recognized in the Consolidated Balance Sheets at
February 1, 2014 and February 2, 2013
Accounts payable and accrued liabilities $ (26)
$(28)
Other liabilities (197)
(222)
$(223)
$(250)
Amounts recognized in accumulated other comprehensive loss at
February 1, 2014 and February 2, 2013
Net actuarial gain $(35)
$(23)
F-34