OfficeMax 2010 Annual Report Download - page 91

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Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) includes the following:
Pension and
Postretirement
Liability
Adjustment
Foreign
Currency
Translation
Adjustment
Unrealized
Hedge Loss
Adjustment
Accumulated
Other
Comprehensive
Income (Loss)
(thousands)
Balance at December 27, 2008 ............. $(340,925) $ 73,187 $ — $(267,738)
Current-period changes, before taxes ........ 144,206 47,477 — 191,683
Income taxes ........................... (56,460) — — (56,460)
Balance at December 26, 2009 ............. (253,179) 120,664 — (132,515)
Current-period changes, before taxes ........ 27,263 21,290 (1,233) 47,320
Income taxes ........................... (10,907) — 349 (10,558)
Balance at December 25, 2010 ............. $(236,823) $141,954 $ (884) $ (95,753)
Share-Based Payments
The Company sponsors several share-based compensation plans, which are described below. The Company
recognizes compensation expense from all share-based payment transactions with employees in the consolidated
financial statements at fair value. Compensation costs related to the Company’s share-based plans were
$13.2 million, $8.5 million and $0.3 million for 2010, 2009 and 2008, respectively. Compensation expense is
generally recognized on a straight-line basis over the vesting period of grants. The total income tax benefit
recognized in the income statement for share-based compensation arrangements was $5.1 million, $3.3 million
and $0.1 million for 2010, 2009 and 2008, respectively.
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. At
December 25, 2010, a total of 57,187 shares of common stock were reserved for issuance under the 2003 DSCP,
and a total of 11,493,978 shares of common stock were reserved for issuance under the 2003 Plan.
The 2003 Plan was effective January 1, 2003, and replaced the Key Executive Performance Plan for
Executive Officers, Key Executive Performance Plan for Key Executives/Key Managers, Key Executive Stock
Option Plan (“KESOP”), Key Executive Performance Unit Plan (“KEPUP”) and Director Stock Option Plan
(“DSOP”). No further grants or awards have been made under the Key Executive Performance Plans, KESOP,
KEPUP, or DSOP since 2003.
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.
Restricted Stock and Restricted Stock Units
Restricted stock is restricted until it vests and cannot be sold by the recipient until its restrictions have
lapsed. Each restricted stock unit (“RSU”) is convertible into one share of common stock after its restrictions
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