Refer to the financial statements of Macys, Inc. for the year ended February 1, 2020, and related

Question:

Refer to the financial statements of Macy’s, Inc. for the year ended February 1, 2020, and related disclosure notes of the company. The financial statements can be found at the company’s website (www.macys.com).


Required:

1. From the information provided in various portions of Note 9, reconcile the beginning balance ($1,109) and ending balances for Net loss—AOCI associated with Macy’s pension plan. Clearly label each reconciling amount.

2. Macy’s was required to amortize a portion of its Net loss—AOCI associated with its pension plan in the year ended February 1, 2020. Based on the calculation of that amount, determine the average remaining service life of the company’s employees used in that calculation.

3. Suppose you believe that Macy’s should have assumed a 1% lower health care cost trend during the year ended February 1, 2020. What would the accumulated postretirement benefit obligation have been on February 1, 2020, under that assumption? See Note 10.

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