Neiman Marcus 2002 Annual Report Download - page 59
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The components of the SERP Plan expense are as follows:
Years Ended
(in thousands)
August 2,
2003
August 3,
2002
July 28,
2001
Service cost $ 1,159 $ 961 $ 838
Interest cost 3,700 3,199 2,942
Net amortization of losses and prior service costs 1,181 200 695
SERP Plan expense $ 6,040 $ 4,360 $ 4,475
Retirees and active employees hired prior to March 1, 1989 are eligible for certain limited postretirement health care benefits
(Postretirement Plan) if they have met certain service and minimum age requirements. The cost of these benefits is accrued during the
years in which an employee provides services. The Company paid postretirement health care benefit claims of $2.3 million during
2003, $1.7 million during 2002 and $1.8 million during 2001.
The components of Postretirement Plan expense are as follows:
Years Ended
(in thousands)
August 2,
2003
August 3,
2002
July 28,
2001
Service cost $ 92 $ 86 $ 65
Interest cost 1,614 1,214 723
Net amortization and deferral 322 — (447)
Postretirement expense $ 2,028 $ 1,300 $ 341
The changes in the benefit obligations and the reconciliations of the funded status of the Company's Pension Plan, SERP Plan and
Postretirement Plan to the consolidated balance sheets are as follows:
Pension Plan SERP Plan Postretirement Plan
(in thousands) 2003 2002 2003 2002 2003 2002
Projected benefit obligations at
beginning of year $ 197,599 $ 178,061 $ 46,480 $ 43,564 $ 22,924 $ 17,392
Service cost 9,110 8,422 1,159 961 92 86
Interest cost 15,196 13,571 3,700 3,199 1,614 1,214
Plan amendments — — — — — 295
Actuarial loss (gain) 29,446 3,462 7,665 (205) 2,035 5,041
Benefits paid, net (6,354)(5,917)(1,366)(1,039)(1,758)(1,104)
Projected benefit obligations at end
of year $ 244,997 $ 197,599 $ 57,638 $ 46,480 $ 24,907 $ 22,924
F-25