Neiman Marcus 2012 Annual Report Download - page 120
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Table of Contents
2013, we do not believe we will be required to make contributions to the Pension Plan for fiscal year 2014. We will continue to evaluate voluntary
contributions to our Pension Plan based upon the unfunded position of the Pension Plan, our available liquidity and other factors.
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
(in thousands) 2013 2012 2013 2012 2013 2012
Projected benefit obligation $489,856 $565,852 $103,854 $117,562 $12,429 $17,466
Fair value of plan assets 385,838 389,899 — — — —
Accrued obligation $(104,018)$(175,953)$(103,854)$(117,562)$ (12,429)$(17,466)
Cost of Benefits. The components of the expenses we incurred under our Pension Plan, SERP Plan and Postretirement Plan are as follows:
Fiscal year ended
(in thousands)
August 3,
2013
July 28,
2012
July 30,
2011
Pension Plan:
Interest cost $21,243 $24,761 $24,215
Expected return on plan assets (26,381) (27,097) (26,210)
Net amortization of losses 6,287 2,616 2,176
Pension Plan expense $1,149 $280 $ 181
SERP Plan:
Interest cost $4,037 $4,816 $4,919
Net amortization of losses 522 — —
SERP Plan expense $4,559 $4,816 $4,919
Postretirement Plan:
Service cost $34 $ 35 $ 61
Interest cost 650 780 871
Net amortization of prior service cost (1,556)(1,556)(1,556)
Net amortization of losses 589 423 690
Postretirement Plan (income) expense $(283)$(318)$66
For purposes of determining pension expense, the expected return on plan assets is calculated using the market related value of plan assets. The
market related value of plan assets does not immediately recognize realized gains and losses. Rather, these effects of realized gains and losses are deferred
initially and amortized over three years in the determination of the market related value of plan assets. At August 3, 2013, the market related value of plan
assets exceeded the fair value by $16.5 million.
F-26