OfficeMax 2005 Annual Report Download - page 91
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The prepaid benefit cost is included in other long-term assets. The long-term portion of the
accrued benefit liability is included in other long-term liabilities, compensation and benefits. The
current portion of the accrued benefit liability of $9.5 million and $12.7 million at December 31,
2005 and 2004, respectively, is included in accrued liabilities, compensation and benefits.
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets
for the pension plans with accumulated benefit obligations in excess of plan assets were
$1.3 billion, $1.3 billion and $1.1 billion as of December 31, 2005, and $1.3 billion, $1.3 billion and
$1.1 billion as of December 31, 2004.
The amount of additional minimum pension liability is determined based on a comparison of
the value of pension plan assets and the plans’ accumulated benefit obligation, and is reflected in
comprehensive income (loss), net of applicable income taxes.
Pension Benefits
2005 2004 2003
(thousands)
Decrease in minimum liability included in other comprehensive
loss, net of taxes ................................. $ (8,615) $ (19,027) $ (52,929)
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost are as follows:
Pension Benefits Other Benefits
2005 2004 2003 2005 2004 2003
(thousands)
Service cost .............. $ 959 $ 25,370 $ 41,695 $ 643 $ 1,743 $ 1,686
Interest cost .............. 75,266 100,675 105,534 3,668 6,176 6,926
Expected return on plan assets (84,135) (99,165) (102,430) — — —
Recognized actuarial loss ..... 29,628 38,071 24,845 675 1,075 1,090
Plan settlement/curtailment
expense (benefit) ......... — 94,885 820 — (24,002) —
Amortization of prior service
costs and other .......... — 9,386 6,133 (826) (530) (2,065)
Company-sponsored plans .... 21,718 169,222 76,597 4,160 (15,538) 7,637
Multiemployer pension
plans .................. — 460 526 — — —
Net periodic benefit cost
(income) ............... $ 21,718 $ 169,682 $ 77,123 $4,160 $ (15,538) $ 7,637
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