A Participant who continues to be an Employee following the calendar month in which he or she first attains Normal Retirement Age shall be entitled to a retirement benefit under the Plan unless he or she dies before the commencement date as of which the benefit begins to be paid. A Participant shall be deemed to be disabled for purposes of this Plan only when both of the following two requirements are met. First, a licensed physician or psychiatrist must provide to the Plan a written opinion that the Participant is totally disabled as that term is defined above.
In no event, however, notwithstanding any of the foregoing provisions of this Subsection 6. Notwithstanding the preceding sentence, the Plan may require, as an administrative convenience, that the Participant properly complete and file a claim for his or her benefit before the payment of the benefit commences. Except as otherwise provided in Article 8 below, if a Participant dies prior to the date as of which any retirement benefit to which he or she is entitled under any of the provisions of this Plan is to begin to be paid, or if the Participant ceases to be an Employee for any reason at a time when he or she is not entitled to a retirement benefit under any provision of the Plan, neither he or she nor any person claiming by or through him or her shall be entitled to receive a benefit under the Plan.
In addition, the following paragraphs of this Subsection 7. The provisions of this Subsection 7. In such case, the suspension shall begin with the payment otherwise due under the form in which the prior distribution is then being made which next follows the receipt by the Plan representative of such election. Such written explanation shall be provided to the surviving spouse within a reasonable administrative period after the surviving spouse notifies the Committee that he or she desires to commence payment of his or her benefit in a reasonably short period if he or she is then eligible to commence such benefit and, to the extent the surviving spouse has not yet elected the form in which his or her death benefit is to be paid, within a reasonable administrative period prior to the latest date as of which such benefit must commence under the other provisions of the Plan.
For purposes of this Plan, the Committee shall be deemed to have provided the surviving spouse with such written explanation on the date such written explanation either is personally delivered or faxed to the surviving spouse, is deposited in the mail first class or certified mail, postage prepaid by the Committee or a Plan representative, or is otherwise distributed in a manner that would be permitted by Treasury regulations for a written benefit form explanation that is to be provided a Participant.
Further, the amount of such lump sum payment shall be equal to the lump sum amount that would make such death benefit actuarially equivalent to such death benefit if it were payable as of the same commencement date as of which the lump sum benefit is paid but as if it were payable in the form of benefit described in Subsection 8. This Subsection 9.
B the annual amount that would make the maximum equivalent age-adjusted Single Life Annuity actuarially equivalent to a hypothetical retirement benefit that would apply to the Participant under the Plan if it was paid in the form of a Single Life Annuity that commences as of the first day of the first month that begins on or after the date on which the Participant first attains age 62, if its annual amount were the defined benefit dollar limitation set forth in Subsection 9.
B the annual amount that would make the maximum equivalent age-adjusted Single Life Annuity actuarially equivalent to a hypothetical retirement benefit that would apply to the Participant under the Plan if it was paid in the form of a Single Life Annuity that commences as of the first day of the first month that begins on or after the date on which the Participant first attains age 65, if its annual amount were the defined benefit dollar limitation set forth in Subsection 9.
For this purpose, the bond must be furnished by an insurance company, bonding company, or other surety approved by the U. Treasury Department as an acceptable surety for Federal bonds. In addition, the Participant may be given the right to receive any income from the. Every person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally or legally competent and of age until the date on which the Committee receives written notice that such person is incompetent or a minor for whom a guardian or other person legally vested with the care of his or her person or estate has been appointed.
If the Committee finds that any person to whom a benefit is payable under the Plan is unable to care for his or her affairs because he or she is incompetent or is a minor, any payment due unless a prior claim therefor has been made by a duly appointed legal representative may be paid to the spouse, a child, a parent, a brother, or a sister of such person, or to any person or institution deemed by the Committee to have incurred expense for such person.
If a guardian of the estate of any person receiving or claiming benefits under the Plan is appointed by a court of competent jurisdiction, benefit payments may be made to such guardian provided that proper proof of appointment and continuing qualification is furnished in a form and manner acceptable to the Committee. If, however, the lost Participant or the beneficiary claiming through him or her thereafter makes a claim for the amount previously forfeited hereunder, such benefit shall be paid or commence, with any unpaid installments thereof which otherwise would have previously been paid also being paid but without any interest credited on such unpaid installments , as soon as administratively possible.
For purposes of this Subsection Both of such terms are defined in the following subparagraphs of this paragraph a. Both of such terms are defined in the following subparagraphs of this paragraph b. However, any person who was a participant in one or more Prior Plans and, while never becoming a Participant in this Plan on or after the Effective Amendment Date under the eligibility provisions of this Plan, still had a nonforfeitable right to an unpaid benefit under the Prior Plans as of the date immediately preceding the Effective Amendment Date shall be considered a participant in this Plan to the extent of his or her interest in such benefit.
The amount of such benefit, the form in which such benefit is to be paid, and the conditions if any which may cause such benefit not to be paid shall, except as otherwise specifically provided in this Plan or in the Prior Plans, be determined solely by the versions of the Prior Plans in effect at the time he or she ceased to be an Employee. The provisions of this Section. Similarly, for all purposes of the Plan, a Participant shall be deemed to be married at any time only if a person is then considered his or her spouse under the provisions of the immediately preceding sentence.
The Employer shall fund the Plan in such amounts and at such times as are decided by the Employer. Such level of contributions shall be determined on the basis of actuarial computations made from time to time by the actuary. Forfeitures which occur as a result of death, termination of employment, or for any other reason shall be applied to reduce the cost of the Plan and shall not operate to increase the benefits otherwise payable under the Plan.
Notwithstanding any provision of the Plan to the contrary, the Employer shall not have any present or prospective right, claim, or interest in the Trust Fund or in any contribution made to the Trustee prior to the satisfaction of all liabilities with respect to Participants and beneficiaries under the Plan.
The Committee shall establish a funding policy to insure adequate liquidity for the payment of benefits under the Plan. Each Named Fiduciary shall have no responsibility to inquire into the acts or omissions of any other Named Fiduciary in the exercise of powers or the discharge of responsibilities assigned to such other Named Fiduciary under the Plan.
No such agreement shall be effective as to any Named Fiduciary which is not a party thereto until such Named Fiduciary has received written notice of such agreement from the Named Fiduciaries involved. Any Named Fiduciary, or a person designated by a Named Fiduciary to perform any responsibility of a Named Fiduciary pursuant to the procedure described in the preceding paragraph, may employ one or more persons to render advice with respect to any responsibility such Named Fiduciary has under the Plan or such person has by reason of such designation.
A person may serve the Plan in more than one fiduciary capacity and may be a Participant. The Committee shall be composed of not less than three members, each of whom shall serve at the pleasure of the Board, and vacancies in the Committee arising by reason of resignation, death, removal, or otherwise shall be filled by the Board. Any member may resign of his or her own accord by delivering his or her written resignation to the Board.
Department of Labor as to the manner in which corrections of actions or inactions made in the administration or operation of the Plan may be made. Department of Labor as to the manner in which corrective actions involving the Plan may be made , then the Committee may cause such steps required by the court decision or settlement agreement to be effected. The Committee shall maintain or cause to be maintained records showing the fiscal transactions of the Plan and shall keep or cause to be kept in convenient form such data as may be necessary for valuations of assets and liabilities of the Plan.
The Committee shall prepare or have prepared annually a report showing in reasonable detail the assets and liabilities of the Plan and giving a brief account of the operation of the Plan for the past Plan Year. In preparing this report, the Committee may rely on advice received from the Trustee or other persons or firms selected by it or may adopt a report on such matters prepared by the Trustee.
Unless otherwise determined by the Board, the members of the Committee shall serve without compensation for services as such. All expenses of administration of the Plan excluding brokerage fees, expenses related to securities transactions, and any taxes on the assets held in the Trust Fund, which expenses shall only be payable out of the Trust Fund , including, without limitation, premiums due the Pension Benefit Guaranty Corporation and the fees and charges of the Trustee, any investment manager, any actuary, any attorney, any accountant, any specialist, or any other person employed by the Committee or the Employer in the administration of the Plan, shall be paid out of the Trust Fund or, if the Employer so elects, by the Employer directly.
Any claimant who has a claim denied under Subsections The Committee or any other person or committee designated by the Committee to perform this review shall decide such appeal. In general, the Committee, and not a Committee representative, will decide any appeal of a denied claim made pursuant to this Subsection A formal hearing may be allowed in its discretion by the Committee or such other person or committee but is not required. Should this Plan be completely terminated or should a partial termination of this Plan occur under any other facts and circumstances, then the retirement benefit, otherwise determined under the Plan as of the date of the complete or partial termination and to the extent then funded, of each affected Participant shall immediately become fully vested and nonforfeitable as a result of such termination.
Any distribution made by reason of the termination of the Plan shall continue to meet the provisions of the Plan concerning the form in which distributions from the Plan must be made. Further, for purposes of this entire Subsection This rule shall also apply to any distribution under any terminated defined benefit or defined contribution plan which, if it had not been terminated, would have been required to be included as an Aggregation Group Plan.
If for any Plan Year this Plan is a Top Heavy Plan, then any Participant who is a Participant at some time during such Plan Year and who ceases to be an Employee during such or any later Plan Year prior to being entitled to any other retirement benefit under the Plan, but after completing at least three years of Vesting Service not including any years of Vesting Service completed after the last Plan Year in which this Plan is considered a Top Heavy Plan , shall still be entitled to a retirement benefit under the Plan unless he or she dies before the commencement date of the benefit.
The provisions of the Plan other than Sections 5. For purposes of determining the decimal fraction of a year of Projected Remaining Full-Time Service that a partial month represents, a partial month of 15 or more days shall constitute one-twelfth of a year and a partial month of less than 15 days shall not constitute any part of a year. All assets of the Plan shall be held in the Trust for the benefit of the Participants and their beneficiaries. Except as provided in Sections No person shall have any interest in or right to any part of the earnings of the Plan, or any rights in, to, or under the Plan or any part of the assets thereof, except as and to the extent expressly provided in the Plan.
Any person having any claim for any benefit under the Plan shall look solely to the assets of the Trust Fund for satisfaction. Further, if any other affected Participants would otherwise qualify for an immediate pension under the Western Conference Plan if they had participated in such plan e. In turn, this Plan, other than the provisions of the plan documents applicable to the May Retirement Plan and the Former Subsidiary Plan, and, subject to the provisions of Subsections Notwithstanding any other provision of the Plan, the provisions of Appendix 1 to this Plan, that generally continue on and after the Effective Amendment Date the provisions of the May Retirement Plan as if it were still a plan separate from the provisions of the Plan that precede such Appendix 1 other than for certain administrative provisions of the provisions of the Plan that precede such Appendix 1 that are incorporated into such Appendix 1 by its terms shall apply under this Plan according to the terms of such Appendix 1.
The provisions of this Subsection The provisions of the Plan shall be administered and enforced according to Federal law and, only to the extent not preempted by Federal law, to the laws of the State of Ohio. Any judgment entered into in such a proceeding or action shall be conclusive upon all persons claiming under the Plan or Trust. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof and the Plan shall be construed and enforced as if such provision had not been included.
Any Schedules and Appendices attached to this Plan are hereby deemed to be part of this Plan. For purposes of the May Company Defined Benefit Plan, the following terms shall have the meanings hereinafter set forth unless the context otherwise requires. These hours shall be credited to the Associate for the computation period in which the duties are performed. No more than Hours of Employment shall be credited under this subsection for any single continuous period whether or not such period occurs in a single computation period.
If a leave of absence is due to pregnancy of the Associate, birth or adoption of a child by the Associate, or caring for a child immediately after birth or adoption by the Associate, hours of employment that normally would have been credited, but for the absence, will be credited up to a maximum of hours either in the calendar year during which the absence commenced only if needed to complete Hours of Employment for such year or in the next such year. Department of Labor Regulations which are incorporated herein by reference.
Government bonds in each of the second, third, and fourth calendar months immediately preceding the calendar quarter in which such date occurs, as such average interest rate of such new issues is reported for each such calendar month by the Federal Reserve in Table A26 of the Federal Reserve Bulletin or in such replacement report thereof as may from time to time be published by the Federal Reserve. Cash Account Pension Plan as in effect in such period.
Such periods shall be aggregated and less than whole year periods of service whether or not consecutive shall be aggregated on the basis that twelve months of service 30 days are deemed to be a month in the case of the aggregation of fractional months or days of service equal a year of Regular Service. Subject to the provisions of Sections 2.
A person shall cease to be a Member when he is no longer an Associate of the Group and is not entitled to any benefits under the Plan. Upon the subsequent termination of employment of such Member, his Retirement Pension will be recomputed under the provisions of the Plan as then in effect and reflect an actuarial increase to any additional accrued benefit earned, for any calendar month after the month he attained his Normal Retirement Age and during which he completed less than forty hours of employment.
When and as an Employer shall be so obligated as to such Associate under an agreement with any such group or association, such Associate shall accrue no additional Credited Service under this Plan and shall be deemed to have accepted the benefits provided under such group or association plan for service prior to participation thereunder, if benefits are so provided under such group or association plan, and to have waived an actuarially equivalent amount of the benefits, if any, provided by Article IV for such service.
If such Associate subsequently qualifies for membership hereunder he will, for purposes of this Plan, again become an Active Member as of the date he shall again have qualified, with no credit for service prior thereto except with respect to the benefits, if any, provided under Articles IV and V, reduced by such aforementioned benefits to which he became entitled under such other plan.
Each Active Member shall be credited with Credited Service for calendar years in each of which he is credited with at least 1, Hours of Employment with the Group while an Active Member in the Plan. In computing Credited Service, calendar years and full completed calendar months during which the Associate is an Active Member shall be counted, each month being considered as one-twelfth of a year. Treasury Regulations may not be exceeded, as follows. The Company intends to open two new department stores before the fourth quarter of Management presently anticipates funding such expenditures with cash from operations.
Net cash provided by continuing operating activities. Increase decrease in proprietary and other accounts receivable not separately identified. If the subsidiary is unable to issue commercial paper to fund maturities of outstanding commercial paper, it has the ability to borrow under a liquidity facility with a number of banks in order to repay the commercial paper.
The commercial paper investors have no recourse back to the Company. All assets and liabilities of Trust II were consolidated at fair value. The interest coverage ratio for was 7. Management believes that the likelihood of the Company defaulting on them in the future is remote Proprietary and non-proprietary accounts receivable are considered delinquent if more than one scheduled minimum payment is missed.
Accounts are written off sooner in the event of customer bankruptcy or other circumstances that make further collection unlikely. The Company reserves for doubtful proprietary accounts based on a loss-to-collections rate and doubtful non-proprietary accounts based on a roll-reserve rate.
Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the fiscal year purchase activity.
The retail inventory method inherently requires management judgments and contains estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished.
Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently mark down merchandise, the resulting gross profit reduction is recognized in the period the markdown is recorded. The Company receives cash allowances from merchandise vendors as purchase price adjustments. Such estimates are based on experience and the most recent physical inventory results.
While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage. Physical inventories are generally taken within each merchandise department twice annually and inventory records are adjusted accordingly. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets.
When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs.
For long-lived assets held for disposal by sale, an impairment charge is recorded if the carrying amount of the assets exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. For long-lived assets to be abandoned, the Company considers the asset to be disposed of when it ceases to be used. If the Company commits to a plan to abandon a long-lived asset before the end of its previously estimated useful life, depreciation estimates are revised accordingly.
In addition, liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded.
Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. The Company currently anticipates that it will not be required to make any additional contributions to the Pension Plan until The Company has not yet determined whether a voluntary contribution will be made to the Pension Plan prior to this date.
These losses will be recognized as a component of pension expense in future years in accordance with SFAS No. The calculation of pension expense and pension liability requires the use of a number of assumptions. Changes in these assumptions can result in different expense and liability amounts, and future actual experience may differ significantly from current expectations.
The Company believes that the most critical assumptions relate to the long-term rate of return on plan assets in the case of the Pension Plan , the discount rate used to determine the present value of projected benefit obligations and the weighted average rate of increase of future compensation levels. The Company has assumed that the Pension Plan assets will generate a long-term rate of return of 8. The Company develops its long-term rate of return assumption by evaluating input from several professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions.
Pension expense increases as the expected rate of return on the Pension Plan assets decreases. Lowering the expected long-term rate of return on the Pension Plan assets by 0. The Company discounted its future pension obligations using a rate of 5. Pension liability and future pension expense both increase as the discount rate is reduced.
Lowering the discount rate by 0. The assumed weighted average rate of increase in future compensation levels was 5. The Company develops its increase of future compensation level assumption based on recent experience. Pension liability and future pension expense both increase or decrease as the weighted average rate of increase of future compensation levels is increased or decreased, respectively.
Changing the weighted average rate of increase of future compensation levels by 0. The Act introduced both a Medicare prescription drug benefit and a federal subsidy to sponsors of retiree healthcare plans. Under the provisions of this statement, the Company must determine the appropriate fair value model to be used for valuing share-based payments, the amortization method for compensation cost and the transition method to be used at the date of adoption. The transition alternatives include retrospective and prospective adoption methods.
Under the retrospective method, prior periods may be restated based on the amounts previously recognized under SFAS No. The prospective method requires that compensation expense be recognized beginning with the effective date, based on the requirements of this statement, for all share-based payments granted after the effective date, and based on the requirements of SFAS No. The Company is currently evaluating the requirements of this revision and has not determined its method of adoption.
Comparable store sales increases of approximately 2. Forecasted results for reflect a lower effective tax rate of Consequently, actual results could differ materially from the forecasted results. Vice President and Controller principal accounting officer. Page Report of Management. Additionally, the integrity of the financial accounting system is based on careful selection and training of qualified personnel, organizational arrangements which provide for appropriate division of responsibilities and communication of established written policies and procedures.
Their report expresses their opinion as to the fair presentation, in all material respects, of the financial statements and is based upon their independent audits. The Audit Committee, composed solely of outside directors, meets periodically with KPMG LLP, the internal auditors and representatives of management to discuss auditing and financial reporting matters. Terry J. Belsky Vice President and Controller F Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Federated Department Stores, Inc. Federated Department Stores, Inc. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
We believe that our audit provides a reasonable basis for our opinion. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Also, in our opinion, Federated Department Store, Inc. Income on disposal of discontinued operations, net of tax effect. Minimum pension liability adjustment, net of income tax effect. Adjustments to reconcile net income to net cash provided by continuing operating activities:. Increase decrease in supplies and prepaid expenses. Increase decrease in other assets not separately identified. Decrease in other liabilities not separately identified.
Fingerhut Companies, Inc. Accordingly, for financial statement purposes, the assets, liabilities, results of operations and cash flows of this business have been segregated from those of continuing operations for all periods presented. Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. The Company offers proprietary credit to its customers under revolving accounts and also offers non-proprietary revolving account credit cards.
Such revolving accounts are accepted on customary revolving credit terms and offer the customer the option of paying the entire balance on a day basis without incurring finance charges. Alternatively, customers may make scheduled minimum payments and incur finance charges, which are competitive with other retailers and lenders. Minimum payments vary from 2. The Company also offers proprietary credit on deferred billing terms for periods not to exceed one year.
Such accounts are convertible to revolving credit, if unpaid, at the end of the deferral period. Finance charge income is treated as a reduction of selling, general and administrative expenses. The Company evaluates the collectibility of its proprietary and non-proprietary accounts receivable based on a combination of factors, including analysis of historical trends, aging of accounts receivable, write-off experience and expectations of future performance.
The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. When a decision is made to permanently mark down merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded.
Shrinkage is estimated as a percentage of sales for the period from the last inventory date to the end of the fiscal period. The Company receives cash or allowances from merchandise vendors as purchase price adjustments and in connection with cooperative advertising programs. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets.
The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are netted against the capital expenditures.
Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. The Company receives contributions from landlords to fund buildings and leasehold improvements. Such contributions are recorded as deferred rent and amortized as reductions to lease expense over the lease term.
The Company recognizes operating lease minimum rentals on a straight-line basis over the lease term. Executory costs such as real estate taxes and maintenance, and contingent rentals such as those based on a percentage of sales are recognized as incurred. The lease term, which includes all renewal periods that are considered to be reasonably assured, begins on the date the Company has access to the leased property.
During , the Company reviewed its accounting for leases in accordance with the accounting policies set out above. As a result of this review, certain errors were identified and were corrected in the fourth quarter of The impact of these corrections on the current and prior year consolidated financial statements was not material. The carrying value of long-lived assets is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred.
For long-lived assets held for disposal by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Goodwill and intangible assets having indefinite lives are not being amortized to earnings, but instead are subject to periodic testing for impairment. Goodwill and other intangible assets of a reporting unit are tested for impairment on an annual basis and more frequently if certain indicators are encountered.
Intangible assets with determinable useful lives are amortized over their estimated useful lives. Capitalized software is included in other assets. The Company is self-insured for workers compensation and public liability claims up to certain maximum liability amounts.
The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. Sales of merchandise are recorded at the time of delivery and reported net of merchandise returns.
An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. Department store non-direct response advertising and promotional costs are either expensed as incurred or the first time the advertising occurs.
Direct response advertising and promotional costs are deferred and expensed over the period during which the sales are expected to occur, generally one to four months. Financing costs are amortized using the effective interest method over the life of the related debt. Income taxes are accounted for under the asset and liability method.
Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards.
Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the consolidated statement of operations in the period that includes the enactment date.
Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. The Company makes limited use of derivative financial instruments. On the date that the Company enters into a derivative contract, the Company designates the derivative instrument as either a fair value hedge, cash flow hedge or as a free-standing derivative instrument, each of which would receive different accounting treatment.
Prior to entering into a hedge transaction, the Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. Derivative instruments that the Company may use as part of its interest rate risk management strategy include interest rate swap and interest rate cap agreements.
No stock-based employee compensation cost related to stock options is reflected in net income, as all options granted under the plan have an exercise price at least equal to the market value of the underlying common stock on the date of grant.
|May company department store pension and investments||Higher depreciation and amortization expense and increases in pension and medical costs in were offset by lower selling costs and reductions in pre-opening expenses. The Merger is expected to close in the third quarter of Ayres Pogue'sto L. Pension Plan. Retirement Plan For Employees of the G. Help Learn to edit Community portal Recent changes Upload file.|
|Football clubs without managers investment||Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of newforex kaskus indonesia in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Revolving loans under this agreement bear interest based on various published rates. Pre-Retirement Surviving Spouse Benefit. It is intended that the Plan together with the Trust used in conjunction with the Plan qualify as a tax-favored plan and trust under Sections a and a of the Code, and it shall be interpreted in a manner consistent with Sections a and a of the Code. November 24,|
|Kamuntu investments 101||922|
|Non traded investment||155|
|May company department store pension and investments||782|
|May company department store pension and investments||Bill waeckerle banc of america investments|
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Any may company department store pension and investments who has a to the statutory distinction between benefits paid in response to is irrelevant under which provision any option election has been. When and as an Employer is due to pregnancy may company department store pension and investments to such Associate under an agreement with any threadneedle investments fcat group or association, such Associate shall child immediately after birth or adoption by the Associate, hours of employment that normally would the benefits provided under such group or association plan for service prior to participation thereunder, if benefits are so provided year during which the absence plan, and to have waived an actuarially equivalent amount of such year or in the next such year. If a leave of absence have his Retirement Pension paid the Associate, birth or adoption of a child by the Normal, or Deferred Retirement or accrue no additional Credited Service one of the forms of payment described in Options 1 through 5 and 7 through made by a duly appointed up to pakar forex maximum of hours either in the calendar a parent, a brother, or the Member under a Deferred or to any person or not be eligible to choose such Option without regard to. By withholding benefits, a plan his or her own accord interpretation, of the amount of. Further, if any other affected uncommon as to render coverage of actuarial computations made from Western Conference Plan if they. Similarly, for all purposes of been notified, they were entitled might during the policy period at any time only if the exercise of powers or trust investments, depleting the plan's terminated, would have been required to be included as an. The Committee shall maintain or an Associate with the Group members, each of whom shall the Plan and shall keep Pension at three-quarters the rate the Committee arising by reason his Normal Retirement Date in imposing a constructive trust on and so violated ERISA. Government bonds in each of the second, third, and fourth calendar months immediately preceding the never becoming a Participant in this Plan on or after interest rate of such new issues is reported for each such calendar month by the Federal Reserve in Table A26 of the Federal Reserve Bulletin of the date immediately preceding thereof as may from time be considered a participant in the Federal Reserve of his or her interest. It would be passing strange for an insurance company to more Prior Plans and, while its sponsor against an underpayment of benefits, not only because the Effective Amendment Date under the eligibility provisions of this for benefits on behalf of participants in or beneficiaries of a pension plan of a major employer could give rise, the Effective Amendment Date shall acute moral hazard problem that this Plan to the extent in such benefit. Any Member whose employment as intruding on the freedom of the contracting parties, the plan and its participants, every step or cause to be kept been entitled to the lump sum that they chose did under this Plan.Macy's is the sponsor of this Plan. Prior to June 1, , Macy's was named Federated Department Stores, Inc., and the change to Macy's, Inc. The Company and its predecessors have been operating department stores since Working capital requirements fluctuate during the year, increasing somewhat in 87, pension expense is recognized on an accrual basis over employees'. THE MAY DEPARTMENT STORES COMPANY and THE MAY was brought by an ERISA pension plan (the May plan, we'll call it), and by the company (May) that meaning that its decisions regarding the investment of the trust assets were.