Neiman Marcus 2007 Annual Report Download - page 121
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Table of Contents
Changes in the assets held by the Pension Plan in fiscal years 2008 and 2007 are as follows:
Fiscal years
2008 2007
(in thousands) (Successor)
Fair value of assets at beginning of year $ 324,632 $ 293,720
Actual return on assets (15,456) 42,802
Contribution 15,000 —
Benefits paid (10,749)(11,890)
Fair value of assets at end of year $ 313,427 $ 324,632
Funded Status. The funded status of our Pension Plan, SERP Plan and Postretirement Plan is as follows:
Pension Plan SERP Plan Postretirement Plan
Fiscal years Fiscal years Fiscal years
2008 2007 2008 2007 2008 2007
(in thousands) (Successor) (Successor) (Successor)
Projected benefit obligation $ 354,229 $ 380,235 $ 77,566 $ 86,146 $ 20,336 $ 22,091
Fair value of plan assets 313,427 324,632 — — — —
Accrued obligation $ (40,802)$ (55,603)$ (77,566)$ (86,146)$ (20,336)$ (22,091)
Obligations for our employee benefit plans, included in other long-term liabilities, are as follows:
(Successor)
(in thousands)
August 2,
2008
July 28,
2007
Pension Plan $ 40,802 $ 55,603
SERP Plan 77,566 86,146
Postretirement Plan 20,336 22,091
138,704 163,840
Less: current portion (4,165)(4,019)
Long-term portion of benefit obligations $ 134,539 $ 159,821
We adopted the provisions of Statement of Financial Accounting Standards No. 158, "Employers' Accounting for Defined
Benefit Pension and Other Postretirement Benefit Plans" (SFAS 158), in the fourth quarter of fiscal year 2007 resulting in a net
decrease in the carrying values of our obligations of $28.7 million, which amount was recorded (net of taxes of $11.3 million) as an
increase in accumulated other comprehensive (loss) income in our statements of shareholders' equity for fiscal year 2007. In the
fourth quarter of fiscal year 2008, we reduced the carrying value of our recorded obligations to equal their unfunded status at
August 2, 2008 by $8.3 million, which amount was recorded (net of taxes of $3.2 million) as a decrease to accumulated other
comprehensive (loss) income in our statements of shareholders' equity for fiscal year 2008.
In the first quarter of fiscal year 2008, we reduced our recorded liability for projected benefit obligations payable by the
Pension Plan by $26.1 million and by the SERP Plan by $6.3 million to reflect the impact of freezing benefits provided under these
plans as of December 31, 2007.
F-35