Macy's 2015 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 of the 2015 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.

Page out of 108

  • 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-29
Pension Plan
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as
of January 30, 2016 and January 31, 2015:
2015 2014
(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year ....................................................... $ 3,966 $ 3,473
Service cost .............................................................................................................. 6 6
Interest cost .............................................................................................................. 137 151
Actuarial (gain) loss ................................................................................................. (282) 563
Benefits paid............................................................................................................. (242)(227)
Projected benefit obligation, end of year ................................................................. 3,585 3,966
Changes in plan assets
Fair value of plan assets, beginning of year ............................................................. 3,636 3,546
Actual return on plan assets ..................................................................................... (138) 317
Company contributions ............................................................................................ — —
Benefits paid............................................................................................................. (242)(227)
Fair value of plan assets, end of year ....................................................................... 3,256 3,636
Funded status at end of year ............................................................................................ $ (329) $ (330)
Amounts recognized in the Consolidated Balance Sheets at
January 30, 2016 and January 31, 2015
Other liabilities......................................................................................................... $ (329) $ (330)
Amounts recognized in accumulated other comprehensive loss at
January 30, 2016 and January 31, 2015
Net actuarial loss ...................................................................................................... $ 1,451 $ 1,397
The accumulated benefit obligation for the Pension Plan was $3,574 million as of January 30, 2016 and $3,951
million as of January 31, 2015.