Neiman Marcus 2004 Annual Report Download - page 105
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The net deferred tax asset of $30.7 million at July 30, 2005 increased $42.0 million from a $11.3 million net deferred tax liability at July 31, 2004. This
increase was comprised of a deferred tax benefit of $15.1 million in 2005 and $26.9 million charged directly to other comprehensive loss in the statement of
shareholders' equity, primarily related to the decrease in the funded position of the Pension Plan (as more fully described in Note 8). We believe it is more
likely than not that it will realize the benefits of our recorded deferred tax assets.
NOTE 8. Employee Benefit Plans
Description of Benefit Plans. We sponsor a defined benefit pension plan (Pension Plan) covering substantially all full-time employees. We also
sponsor an unfunded supplemental executive retirement plan (SERP Plan) which provides certain employees additional pension benefits. Benefits under both
plans are based on the employees' years of service and compensation over defined periods of employment.
Retirees and active employees hired prior to March 1, 1989 are eligible for certain limited postretirement health care benefits (Postretirement Plan) if
they meet certain service and minimum age requirements. The cost of these benefits is accrued during the years in which an employee provides services. We
paid postretirement health care benefit claims of $1.7 million during 2005, $1.8 million during 2004 and $2.3 million during 2003.
We have a qualified defined contribution 401(k) plan, which covers substantially all employees. Employees make contributions to the plan and we match
an employee's contribution up to a maximum of 6% of the employee's compensation subject to statutory limitations. We also sponsor an unfunded key
employee deferred compensation plan, which provides certain employees additional benefits, a profit sharing and a defined contribution retirement plan for
employees of Kate Spade LLC and a qualified defined contribution 401(k) plan for employees of Gurwitch Products, LLC. Our aggregate expense related to
these plans were approximately $10.8 million for 2005, $9.5 million for 2004 and $9.3 million for 2003.
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