OfficeMax 2011 Annual Report Download - page 100
Download and view the complete annual report
Please find page 100 of the 2011 OfficeMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
 |
 |
Obligations and Funded Status
The changes in pension and other postretirement benefit obligations and plan assets during 2011 and 2010,
as well as the funded status of the Company’s plans at December 31, 2011 and December 25, 2010, were as
follows:
Pension Benefits Other Benefits
2011 2010 2011 2010
(thousands)
Change in benefit obligation:
Benefit obligation at beginning of year ................... $1,297,655 $1,260,676 $ 24,021 $ 20,337
Service cost ......................................... 2,546 3,164 227 263
Interest cost ......................................... 70,176 74,213 1,006 1,213
Actuarial loss ....................................... 94,656 59,494 (1,334) 2,634
Changes due to exchange rates .......................... — — (346) 792
Benefits paid ........................................ (99,752) (99,892) (1,322) (1,218)
Benefit obligation at end of year ........................ $1,365,281 $1,297,655 $ 22,252 $ 24,021
Change in plan assets:
Fair value of plan assets at beginning of year .............. $1,117,413 $1,050,514 $ — $ —
Actual return on plan assets ............................ 14,746 163,342 — —
Employer contributions ............................... 3,324 3,449 1,322 1,218
Benefits paid ........................................ (99,752) (99,892) (1,322) (1,218)
Fair value of plan assets at end of year .................... $1,035,731 $1,117,413 $ — $ —
Funded status ....................................... $ (329,550) $ (180,242) $(22,252) $(24,021)
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
2011 2010 2011 2010
(thousands)
Noncurrent assets ...................................... $ — $ 4,581 $ — $ —
Current liabilities ...................................... (6,530) (6,683) (1,243) (1,445)
Noncurrent liabilities ................................... (323,020) (178,140) (21,009) (22,576)
Net amount recognized ................................. $(329,550) $(180,242) $(22,252) $(24,021)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss ............................................... $548,212 $406,465 $ 4,486 $ 6,054
Prior service cost (credit) ................................. — — (22,138) (26,147)
Total ................................................. $548,212 $406,465 $(17,652) $(20,093)
The accumulated benefit obligation for all defined benefit pension plans was $1,365.3 million and $1,297.7
million for December 31, 2011 and December 25, 2010, respectively.
68