OfficeMax 2005 Annual Report Download - page 96

Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss includes the following:
Minimum Foreign Accumulated
Pension Currency Cash Other
Liability Translation Flow Comprehensive
Adjustment Adjustment Hedges Loss
(thousands)
Balance at December 31, 2003, net of
taxes ......................... $(255,150) $61,491 $(159) $ (193,818)
Current-period changes, before taxes . . . 32,117 29,933 261 62,311
Income taxes .................... (13,090) — (102) (13,192)
Balance at December 31, 2004, net of
taxes ......................... (236,123) 91,424 $ — (144,699)
Current-period changes, before taxes . . . 14,099 (6,037) — 8,062
Income taxes .................... (5,484) — — (5,484)
Balance at December 31, 2005, net of
taxes ......................... $(227,508) $85,387 $ — $(142,121)
2003 Director Stock Compensation Plan and OfficeMax Incentive and Performance Plan
In February 2003, the Company’s Board of Directors adopted the 2003 Director Stock
Compensation Plan (the ‘‘2003 DSCP’’) and the 2003 OfficeMax Incentive and Performance Plan
(the ‘‘2003 Plan’’), formerly named the 2003 Boise Incentive and Performance Plan, which were
approved by shareholders in April 2003.
The 2003 DSCP replaces the previous Director Stock Compensation Plan, which was approved
by shareholders in 1992 and expired on January 1, 2003. A total of 73,046 shares of common stock
is reserved for issuance under the 2003 DSCP. The provisions of the 2003 DSCP are substantially
similar to the previous plan. The 2003 DSCP permits nonemployee directors to elect to receive
grants of options to purchase shares of the Company’s common stock in lieu of cash
compensation. The difference between the $2.50-per-share exercise price of 2003 DSCP options
and the market value of the common stock subject to the options is intended to offset the cash
compensation that participating directors elect not to receive. Options expire three years after the
holder ceases to be a director.
The 2003 Plan was effective January 1, 2003, and replaces the Key Executive Performance
Plan for Executive Officers, Key Executive Performance Plan for Key Executives/Key Managers, 1984
Key Executive Stock Option Plan (‘‘KESOP’’), Key Executive Performance Unit Plan (‘‘KEPUP’’) and
Director Stock Option Plan (‘‘DSOP’’), which are discussed below. No further grants or awards have
been made under the Key Executive Performance Plans, KESOP, KEPUP, or DSOP since 2003. A
total of 5,726,239 shares of common stock is reserved for issuance under the 2003 Plan. The
Company’s executive officers, key employees and nonemployee directors are eligible to receive
awards under the 2003 Plan at the discretion of the Executive Compensation Committee of the
Board of Directors. Eight types of awards may be granted under the 2003 Plan, including stock
options, stock appreciation rights, restricted stock, restricted stock units, performance units,
performance shares, annual incentive awards and stock bonus awards.
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