Nordstrom 2006 Annual Report Download - page 62

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44
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in thousands except per share and per option amounts
The following table reflects the effects of the adoption of SFAS 158 on our consolidated balance sheet as of February 3, 2007.
Before Application
After Application
of Statement 158
Adjustments
of Statement 158
Other assets
$184,449
$2,007
$186,456
Total assets
4,819,571
2,007
4,821,578
Other liabilities
228,564
11,636
240,200
Accumulated other comprehensive earnings (loss), net
1,049
(9,629)
(8,580)
Total shareholders’ equity
2,178,150
(9,629)
2,168,521
Total liabilities and shareholders’ equity
$4,819,571
$2,007
$4,821,578
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive earnings (pre-tax) as of February 3, 2007,
included prior service cost of $(4,149) and accumulated loss of $(38,699). The amount included in accumulated other comprehensive income at
January 28, 2006 was $32,032.
The change in benefit obligation and plan assets for 2006 and 2005 are as follows:
February 3, 2007
January 28, 2006
Change in benefit obligation:
Benefit obligation at end of prior year
$91,036
$69,598
Change in assumption
—
11,559
Benefit obligation at beginning of year
91,036
81,157
Participant service cost
2,270
1,763
Interest cost
5,331
4,748
Amendments
—
893
Benefits paid
(3,295)
(2,850)
Actuarial loss
2,394
5,325
Benefit obligation at end of year
$97,736
$91,036
Change in plan assets:
Fair value of plan assets at beginning of year
—
—
Employer contribution
$3,295
$2,850
Distributions
(3,295)
(2,850)
Fair value of plan assets at end of year
—
—
Underfunded status
$(97,736)
$(91,036)
Unrecognized prior service cost
5,198
Unrecognized net loss
39,258
Additional minimum liability
(37,230)
Net amount recognized
$(83,810)
The accumulated benefit obligation was $86,100 at February 3, 2007 and $83,810 at January 28, 2006.
Amounts recognized in the consolidated balance sheets consist of:
February 3, 2007
January 28, 2006
Current liabilities
$4,425
$2,982
Noncurrent liabilities
93,311
43,598
Intangible asset included in other assets
—
5,198
Deferred tax asset
—
12,492
Accumulated other comprehensive loss, net of tax
—
19,540
Net amount recognized
$97,736
$83,810