Barnes and Noble 2003 Annual Report Download - page 37

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Barnes & Noble.com
As of June 30, 2000, substantially all employees of Barnes
& Noble.com were covered under Barnes & Noble.com’s
Employees’ Retirement Plan (the B&N.com Retirement
Plan). The B&N.com Retirement Plan is a defined benefit
pension plan. As of July 1, 2000, the B&N.com Retirement
Plan was amended so that employees no longer earn benefits
for subsequent service. Subsequent service continues to be
the basis for vesting of benefits not yet vested at June 30,
2000 and the B&N.com Retirement Plan will continue to
hold assets and pay benefits.
Actuarial assumptions used in determining the funded
status of the B&N.com Retirement Plan are as follows:
December 31,
2003 2002
Discount rate (beginning of year) 6.5% 7.3%
Discount rate (end of year) 6.3% 6.5%
Expected long-term rate of return on plan assets 8.8% 8.8%
Assumed rate of compensation increase N/A N/A
The following table sets forth the funded status of the
B&N.com Retirement Plan and the pension liability
recognized for the B&N.com Retirement Plan in the
accompanying balance sheet:
December 31,
2003
Actuarial present value of benefit obligation:
Vested benefits $ ( 845)
Non-vested benefits ( 94)
Accumulated benefit obligation ( 939)
Effect of projected future compensation increases --
Projected benefit obligation ( 939)
Plan assets at market value 988
Excess of plan assets over
projected benefit obligation 49
Unrecognized net actuarial loss 339
Unrecognized net obligation remaining --
Unrecognized prior service cost --
Pension asset $ 388
[NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS continued ]
36
2003 Annual ReportBarnes & Noble, Inc.