Macy's 2015 Annual Report Download - page 79
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-30
Net pension costs and other amounts recognized in other comprehensive loss for the Pension Plan included the
following actuarially determined components:
2015 2014 2013
(millions)
Net Periodic Pension Cost
Service cost ....................................................................................... $ 6 $ 6 $ 112
Interest cost ....................................................................................... 137 151 143
Expected return on assets.................................................................. (235)(246)(242)
Amortization of net actuarial loss ..................................................... 38 25 141
Amortization of prior service credit.................................................. — — —
(54)(64) 154
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss
Net actuarial (gain) loss .................................................................... 92 491 (254)
Amortization of net actuarial loss ..................................................... (38)(25)(141)
Amortization of prior service credit.................................................. — — —
54 466 (395)
Total recognized in net periodic pension cost and
other comprehensive loss...................................................................... $ — $ 402 $ (241)
The estimated net actuarial loss for the Pension Plan that will be amortized from accumulated other comprehensive
loss into net periodic benefit cost during 2016 is $31 million.
The following weighted average assumptions were used to determine the projected benefit obligations for the
Pension Plan at January 30, 2016 and January 31, 2015:
2015 2014
Discount rate ........................................................................................................................ 4.17% 3.55%
Rate of compensation increases........................................................................................... 4.10% 4.10%
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension
Plan:
2015 2014 2013
Discount rate ............................................................................................ 3.55% 4.50% 4.15%
Expected long-term return on plan assets ................................................ 7.00% 7.50% 7.50%
Rate of compensation increases ............................................................... 4.10% 4.10% 4.50%
The Pension Plan’s assumptions are evaluated annually and updated as necessary.
The discount rate used to determine the present value of the projected benefit obligation for the Pension Plan 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 projected benefit obligation.