Saks Fifth Avenue 2011 Annual Report Download - page 71

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SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share amounts)
Benefit Obligations and Funded Status
The following provides a reconciliation of benefit obligations, plan assets and the funded status of the Pension
Plan and SERP as of January 28, 2012 and January 29, 2011:
January 28,
2012
January 29,
2011
Change in benefit obligation:
Benefit obligation at beginning of period ................................... $ 158,761 $ 153,570
Interest cost ........................................................ 6,520 7,315
Actuarial loss ....................................................... 12,846 11,259
Benefits paid ....................................................... (10,750) (13,383)
Benefit obligation at end of period ........................................ $ 167,377 $ 158,761
Change in plan assets:
Fair value of plan assets at beginning of period .............................. $ 128,545 $ 103,755
Actual return on plan assets ........................................... 4,298 16,340
Employer contributions ............................................... 4,383 21,833
Benefits paid ....................................................... (10,750) (13,383)
Fair value of plan assets at end of period ................................... $ 126,476 $ 128,545
Funded status ........................................................ $ (40,901) $ (30,216)
Amounts recognized on the Consolidated Balance Sheets:
Current liabilities ...................................................... $ 1,281 $ 1,272
Non-current liabilities .................................................. 39,620 28,944
Net amount recognized ............................................... $ 40,901 $ 30,216
Benefit plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation .......................................... $(167,377) $ (158,761)
Effect of projected salary increases ....................................... — —
Projected benefit obligation ........................................... $(167,377) $ (158,761)
Fair value of plan assets ................................................ $ 126,476 $ 128,545
Assumptions
The weighted-average assumptions used to determine the Company’s benefit obligation are as follows:
January 28,
2012
January 29,
2011
Pension Plan:
Discount rate ....................................................... 3.6% 4.8%
Measurement date .................................................. 1/28/2012 1/29/2011
SERP:
Discount rate ....................................................... 3.8% 5.1%
Measurement date .................................................. 1/28/2012 1/29/2011
F-26