Sears 2014 Annual Report Download - page 93
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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
93
Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows:
2014 2013 2012
millions SHC
Domestic Sears
Canada Total SHC
Domestic Sears
Canada Total SHC
Domestic Sears
Canada Total
Pension benefits:
Interest cost . . . . . . . . . . $ 221 $ 36 $ 257 $ 219 $ 56 $ 275 $ 291 $ 65 $ 356
Expected return on plan
assets . . . . . . . . . . . . . (246) (52) (298) (224)(76)(300)(291)(76)(367)
Cost of settlements . . . . — — — — — — 452 — 452
Recognized net loss and
other. . . . . . . . . . . . . . 115 8 123 167 34 201 165 24 189
Net periodic benefit
cost. . . . . . . . . . . . . . . $ 90 $ (8) $ 82 $ 162 $ 14 $ 176 $ 617 $ 13 $ 630
Postretirement benefits:
Interest cost . . . . . . . . . . $ 8 $ 3 $ 11 $ 8 $ 12 $ 20 $ 10 $ 14 $ 24
Expected return on
assets . . . . . . . . . . . . . — — — — (2)(2) — (3)(3)
Cost of settlements . . . . — — — — — — — 3 3
Recognized net loss and
other. . . . . . . . . . . . . . (1) (1) (2) — — — — — —
Net periodic benefit
cost. . . . . . . . . . . . . . . $ 7 $ 2 $ 9 $ 8 $ 10 $ 18 $ 10 $ 14 $ 24
Weighted-average assumptions used to determine net cost were as follows:
2014 2013 2012
SHC
Domestic Sears
Canada SHC
Domestic Sears
Canada SHC
Domestic Sears
Canada
Pension benefits:
Discount Rate . . . . . . . . . . . . . . . . . . . 4.60% 4.20% 4.25% 4.20% 4.90% 4.70%
Return of plan assets . . . . . . . . . . . . . . 7.00% 6.50% 7.00% 6.50% 7.25% 6.50%
Rate of compensation increases. . . . . . N/A 3.50% N/A 3.50% N/A 3.50%
Postretirement benefits:
Discount Rate . . . . . . . . . . . . . . . . . . . 4.00% 3.90% 3.55% 4.20% 4.20% 4.60%
Return of plan assets . . . . . . . . . . . . . . N/A 1.00% N/A 3.75% N/A 3.75%
Rate of compensation increases. . . . . . N/A 3.50% N/A 3.50% N/A 3.50%