Saks Fifth Avenue 2009 Annual Report Download - page 85

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The components of net periodic pension expense (benefit) and other amounts recognized in other comprehensive income related to the Company’s pension
plan and SERP for the years ended January 30, 2010, January 31, 2009, and February 2, 2008 were as follows:
2009 2008 2007
Net periodic pension expense:
Service cost $ 70 $ 846 $ 1,323
Interest cost 8,442 10,613 8,199
Expected return on plan assets (6,330) (15,184) (11,058)
Recognized actuarial loss 2,707 1,005 3,338
Settlement loss recognized (1) 5,121 — —
Amortization of prior service costs — (87) (70)
Total pension expense (benefit) $ 10,010 $ (2,807) $ 1,732
Other changes recognized in other comprehensive income:
Prior service credit recognized due to curtailment $ — $ 616 $ —
Net loss (gain) (4,690) 68,200 (18,606)
Amortization of prior service credit — 88 70
Amortization of loss (7,828) (1,005) (3,338)
Total recognized in other comprehensive loss $ (12,518) $ 67,899 $ (21,874)
Total recognized in net periodic benefit cost and other comprehensive loss $ (2,508) $ 65,092 $ (20,142)
(1) In accordance with authoritative accounting guidance, the Company recorded a non-cash settlement charge of $5,121 as the Company’s lump sum
distributions exceeded its interest and service cost in 2009.
F-29
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠