Neiman Marcus 2004 Annual Report Download - page 106
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Costs of Benefits. The components of the expenses we incurred under our Pension Plan, SERP Plan and Postretirement Plan are as follows:
Years Ended
July 30,
2005
July 31,
2004
August 2,
2003
(in thousands)
Pension Plan:
Service cost $ 12,785 $ 10,827 $ 9,110
Interest cost 18,544 16,484 15,196
Expected return on plan assets (19,307) (16,527) (14,591)
Net amortization of losses and prior service costs 4,835 3,192 407
Pension Plan expense $ 16,857 $ 13,976 $ 10,122
SERP Plan:
Service cost $ 1,445 $ 1,345 $ 1,159
Interest cost 4,057 3,849 3,700
Net amortization of losses and prior service costs 1,535 1,444 1,181
SERP Plan expense $ 7,037 $ 6,638 $ 6,040
Postretirement Plan:
Service cost $ 57 $ 81 $ 92
Interest cost 1,168 1,570 1,614
Net amortization of losses 75 450 322
Postretirement expense $ 1,300 $ 2,101 $ 2,028
Benefit Obligations. Our obligations for the Pension Plan, SERP Plan and Postretirement Plan are valued annually as of the beginning of each fiscal
year. With respect to the Pension Plan and the SERP Plan, our obligations consist of both a projected benefit obligation (PBO) and an accumulated benefit
obligation (ABO). The PBO represents the actuarial present value of benefits ultimately payable to plan participants for both past and future services expected
to be provided by the plan participants to the Company. The ABO represents the actuarial present value of benefits payable to plan participants
F-27