Nordstrom 2015 Annual Report Download - page 50

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Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:
January 30, 2016 January 31, 2015
Accrued salaries, wages and related benefits $8 $8
Other noncurrent liabilities 173 195
Net amount recognized $181 $203
Components of SERP Expense
The components of SERP expense recognized in the Consolidated Statements of Earnings are as follows:
Fiscal year 2015 2014 2013
Participant service cost $3 $3 $4
Interest cost 77 7
Amortization of net loss 11 6 8
Total SERP expense $21 $16 $19
Amounts not yet reflected in SERP expense and included in accumulated other comprehensive loss (pre-tax) consist of the following:
January 30, 2016 January 31, 2015
Accumulated loss ($41)($78)
Prior service credit 56
Total accumulated other comprehensive loss ($36)($72)
In 2016, we expect $3 of costs currently in accumulated other comprehensive loss to be recognized as components of SERP expense.
Assumptions
Weighted-average assumptions used to determine our benefit obligation and SERP expense are as follows:
Fiscal year 2015 2014 2013
Assumptions used to determine benefit obligation:
Discount rate 4.55%3.70%4.60%
Rate of compensation increase 3.00%3.00%3.00%
Assumptions used to determine SERP expense:
Discount rate 3.70%4.60%4.30%
Rate of compensation increase 3.00%3.00%3.00%
Future Benefit Payments and Contributions
As of January•30, 2016, the expected future benefit payments based upon the assumptions described above and including benefits
attributable to estimated future employee service are as follows:
Fiscal year
2016 $8
2017 8
2018 9
2019 10
2020 11
2021 ‡ 2025 59
Table of Contents
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and per unit amounts
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