OfficeMax 2008 Annual Report Download - page 81

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Obligations and Funded Status
The changes in pension and other postretirement benefit obligations and plan assets during
2008 and 2007, as well as the funded status of the Company’s plans at December 27, 2008 and
December 29, 2007, were as follows:
Pension Benefits Other Benefits
2008 2007 2008 2007
(thousands)
Change in benefit obligation:
Benefit obligation at beginning of year ........ $1,292,023 $ 1,381,555 $ 24,281 $ 31,789
Service cost ........................... 2,132 1,676 237 341
Interest cost ........................... 78,041 77,084 1,164 1,353
Amendments .......................... — — — (6,191)
Actuarial (gain) loss ..................... 10,250 (67,511) (2,573) (4,717)
Changes due to exchange rates ............ — — (3,053) 3,390
Benefits paid .......................... (106,237) (100,781) (2,474) (1,684)
Benefit obligation at end of year ............ $1,276,209 $1,292,023 $ 17,582 $ 24,281
Change in plan assets:
Fair value of plan assets at beginning of year . . . $ 1,184,447 $ 1,183,275 $ — $ —
Actual return on plan assets ............... (250,076) 82,816 — —
Employer contributions ................... 13,070 19,137 2,474 1,684
Benefits paid .......................... (106,237) (100,781) (2,474) (1,684)
Fair value of plan assets at end of year ....... $ 841,204 $1,184,447 $ — $ —
Funded status ......................... $ (435,005) $ (107,576) $ (17,582) $ (24,281)
Unrecognized actuarial loss ................ 590,213 253,923 2,227 5,584
Unrecognized prior service cost (benefit) ...... — — (34,123) (38,176)
Net amount recognized ................... $ 155,208 $ 146,347 $(49,478) $(56,873)
The following table shows the amounts recognized in the Consolidated Balance Sheets related
to the Company’s defined benefit pension and other postretirement benefit plans at year-end:
Pension Benefits Other Benefits
2008 2007 2008 2007
(thousands)
Prepaid benefit cost ....................... $ — $ 10,069 $ — $ —
Deferred income tax assets .................. 229,593 98,777 (12,200) (12,658)
Accrued benefit liability—current .............. (4,359) (5,628) (1,746) (2,039)
Accrued benefit liability—non-current ........... (430,646) (112,017) (15,836) (22,242)
Accumulated other comprehensive income (loss) . . 360,620 155,146 (19,696) (19,934)
Net amount recognized .................... $ 155,208 $ 146,347 $(49,478) $(56,873)
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