Macy's 2014 Annual Report Download - page 82
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-35
Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following
actuarially determined components:
2014 2013 2012
(millions)
Net Periodic Postretirement Benefit Cost
Service cost ....................................................................................... $ — $ — $ —
Interest cost ....................................................................................... 10 10 12
Amortization of net actuarial gain .................................................... (5)(3)(4)
Amortization of prior service cost .................................................... — — —
578
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss
Net actuarial (gain) loss .................................................................... 30 (15)(4)
Amortization of net actuarial gain .................................................... 5 3 4
Amortization of prior service cost .................................................... — — —
35 (12) —
Total recognized in net periodic postretirement benefit cost and other
comprehensive loss ............................................................................... $ 40 $ (5) $ 8
The following weighted average assumption was used to determine the accumulated postretirement benefit
obligations at January 31, 2015 and February 1, 2014:
2014 2013
Discount rate........................................................................................................................ 3.55% 4.50%
The following weighted average assumption was used to determine the net postretirement benefit costs for the
postretirement obligations:
2014 2013 2012
Discount rate ............................................................................................ 4.50% 4.15% 4.65%
The postretirement benefit obligation assumptions are evaluated annually and updated as necessary.
The discount rate used to determine the present value of the Company’s accumulated postretirement benefit
obligations is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various
maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve
rate, thereby generating the overall discount rate for the accumulated postretirement benefit obligations.
The future medical benefits provided by the Company for certain employees are based on a fixed amount per year of
service, and the accumulated postretirement benefit obligation is not affected by increases in health care costs. However,
the future medical benefits provided by the Company for certain other employees are affected by increases in health care
costs.