Neiman Marcus 2006 Annual Report Download - page 132
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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)
Fiscal year
ended
July 28,
2007
Forty-three
weeks
ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Fiscal year
ended
July 30,
2005
Pension Plan:
Service cost $ 14,886 $ 13,320 $ 2,823 $ 12,785
Interest cost 22,214 17,365 3,468 18,544
Expected return on plan assets (23,458 ) (18,802 ) (3,636 ) (19,307
Net amortization of losses and prior service costs — — 1,205 4,835
Pension Plan expense $ 13,642 $ 11,883 $ 3,860 $ 16,857
SERP Plan:
Service cost $ 1,719 $ 1,570 $ 330 $ 1,445
Interest cost 4,928 3,685 730 4,057
Net amortization of losses and prior service costs — — 394 1,535
SERP Plan expense $ 6,647 $ 5,255 $ 1,454 $ 7,037
Postretirement Plan:
Service cost $ 57 $ 38 $ 8 $ 57
Interest cost 786 708 139 1,168
Net amortization of losses (64 )— (5 )75
Postretirement expense $ 779 $ 746 $ 142 $ 1,300
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 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 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) 2007 2006 2007 2006 2007 2006
(Successor) (Successor) (Successor)
Projected benefit obligations:
Beginning of year $ 364,720 $ 361,434 $ 78,322 $ 78,259 $ 12,975 $ 15,755
Service cost 14,886 16,143 1,719 1,900 57
Interest cost 22,214 20,834 4,928 4,415 786
Actuarial loss (gain) (9,695 ) (25,168 ) 3,076 (4,549 ) 9,104 (2,625
Benefits paid, net (11,890 )(8,523 )(1,899 )(1,703 )(831 )(1,048
End of year $ 380,235 $ 364,720 $ 86,146 $ 78,322 $ 22,091 $ 12,975
Accumulated benefit obligations:
Beginning of year $ 308,255 $ 304,063 $ 66,890 $ 65,028
End of year $ 337,047 $ 308,255 $ 68,105 $ 66,890
F-36