Nordstrom 2013 Annual Report Download - page 48

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48
Benefit Obligations and Funded Status
Our benefit obligation and funded status is as follows:
February 1, 2014 February 2, 2013
Change in benefit obligation:
Benefit obligation at beginning of year $167 $152
Participant service cost 44
Interest cost 77
Benefits paid (5) (5)
Actuarial (gain) loss (5) 9
Benefit obligation at end of year 168 167
Change in plan assets:
Fair value of plan assets at beginning of year ——
Employer contribution 55
Benefits paid (5) (5)
Fair value of plan assets at end of year — —
Underfunded status at end of year ($168) ($167)
The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $162 and $158 at
the end of 2013 and 2012.
Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:
February 1, 2014 February 2, 2013
Current liabilities $7 $6
Noncurrent liabilities 161 161
Net amount recognized $168 $167
Components of SERP Expense
The components of SERP expense recognized in the Consolidated Statements of Earnings are as follows:
Fiscal year 2013 2012 2011
Participant service cost $4 $4 $3
Interest cost 77 7
Amortization of net loss 87 4
Total SERP expense $19 $18 $14
Amounts not yet reflected in SERP expense and included in accumulated other comprehensive loss (pre-tax) consist of the following:
February 1, 2014 February 2, 2013
Accumulated loss ($47) ($60)
Prior service cost (1) (1)
Total accumulated other comprehensive loss ($48) ($61)
In 2014, we expect $6 of costs currently in accumulated other comprehensive loss to be recognized as components of SERP expense.
Table of Contents
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and unit amounts