Neiman Marcus 2005 Annual Report Download - page 112
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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:
(Successor) (Predecessor)
(in thousands)
Forty-three
weeks
ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Fiscal year
ended
July 30,
2005
Fiscal year
ended
July 31,
2004
Pension Plan:
Service cost $ 13,320 $ 2,823 $ 12,785 $ 10,827
Interest cost 17,365 3,468 18,544 16,484
Expected return on plan assets (18,802 ) (3,636 ) (19,307 ) (16,527 )
Net amortization of losses and prior service costs — 1,205 4,835 3,192
Pension Plan expense $ 11,883 $ 3,860 $ 16,857 $ 13,976
SERP Plan:
Service cost $ 1,570 $ 330 $ 1,445 $ 1,345
Interest cost 3,685 730 4,057 3,849
Net amortization of losses and prior service costs — 394 1,535 1,444
SERP Plan expense $ 5,255 $ 1,454 $ 7,037 $ 6,638
Postretirement Plan:
Service cost $ 38 $ 8 $ 57 $ 81
Interest cost 708 139 1,168 1,570
Net amortization of losses — (5 )75 450
Postretirement expense $ 746 $ 142 $ 1,300 $ 2,101
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. The ABO represents the
actuarial present value of benefits payable to plan participants for only services rendered at the valuation date. Our obligations pursuant to
our Pension Plan, SERP Plan and Postretirement Plan are as follows:
Pension Plan SERP Plan Postretirement Plan
Fiscal years Fiscal years Fiscal years
(in thousands) 2006 2005 2006 2005 2006 2005
(Successor) (Predecessor) (Successor) (Predecessor) (Successor) (Predecessor)
Projected benefit obligations:
Beginning of year $ 361,434 $ 281,423 $ 78,259 $ 65,864 $ 15,755 $ 20,994
Service cost 16,143 12,785 1,900 1,445 46
Interest cost 20,834 18,544 4,415 4,057 847 1,168
Actuarial loss (gain) (25,168 ) 56,400 (4,209 ) 8,826 (2,416 ) (5,344
Benefits paid, net (8,523 )(7,718 )(2,043 )(1,933 )(1,257 )(1,120
End of year $ 364,720 $ 361,434 $ 78,322 $ 78,259 $ 12,975 $ 15,755
Accumulated benefit obligations:
Beginning of year $ 304,063 $ 240,082 $ 65,028 $ 56,209
End of year $ 308,255 $ 304,063 $ 66,890 $ 65,028
F-33