Neiman Marcus 2002 Annual Report Download - page 60

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Change in the assets held by the Pension Plan in 2003 and 2002 are as follows:
Pension Plan
(in thousands) 2003 2002
Fair value of assets at beginning of year $ 145,945 $ 167,982
Actual return on assets 12,692 (16,119)
Company contributions 30,760 —
Benefits paid (6,353)(5,918)
Fair value of assets at end of year $ 183,044 $ 145,945
The funded status of the Company's employee benefit plans is as follows:
Pension Plan SERP Plan Postretirement Plan
(in thousands) 2003 2002 2003 2002 2003 2002
Excess of projected benefit
obligation over fair value of plan
assets $ (61,953) $ (51,653) $ (57,638) $ (46,480) $ (24,907) $ (22,924)
Unrecognized net actuarial loss 75,921 45,239 13,285 6,233 7,643 5,884
Unrecognized prior service
(income) cost (223) (791) 3,934 4,502 250 295
Unrecognized net obligation at
transition 785 1,099 — — — —
Asset (liability) recognized in the
consolidated balance sheets $ 14,530 $ (6,106)$ (40,419)$ (35,745)$ (17,014)$ (16,745)
The Company's employee benefit plan obligations and the funded status of such plans are recognized in the Company's consolidated
balance sheets as follows:
Pension Plan SERP Plan Postretirement Plan
(in thousands) 2003 2002 2003 2002 2003 2002
Accrued benefit obligation $ (24,790) $ (6,106) $ (49,082) $ (35,745) $ (17,014) $ (16,745)
Intangible asset 562 — 3,934 — — —
Accumulated other comprehensive
loss 38,758 — 4,729 — — —
Net amount recognized at balance
sheet date $ 14,530 $ (6,106)$ (40,419)$ (35,745)$ (17,014)$ (16,745)
In 2003, the Company was required to record additional minimum liabilities of $39.3 million related to the Pension Plan and $8.7
million related to the SERP Plan. In recording the additional minimum liabilities, the Company reduced shareholders' equity by $43.5
million ($26.7 million, net of tax).
F-26