OfficeMax 2014 Annual Report Download - page 103
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Table of Contents
unfunded. The Company explicitly reserves the right to amend or terminate its retiree medical and life insurance plans at any time, subject only to
constraints, if any, imposed by the terms of collective bargaining agreements. Amendment or termination may significantly affect the amount of expense
incurred.
The impact of these assumed plans is included in the consolidated financial statements from the date of the Merger with OfficeMax.
Obligations and Funded Status
The following table provides a reconciliation of changes in the projected benefit obligation and the fair value of plan assets, as well as the funded status of
the plan to amounts recognized on the Company’s Consolidated Balance Sheet. The 2013 amounts relate to the period between the Merger date and year-
end.
(In millions)
Changes in projected benefit obligation:
Obligation at beginning of period $1,122 $1,135 $ 17 $ 17
Service cost 3 — — —
Interest cost 52 7 1 —
Actuarial (gain) loss 138 (12) 1 —
Currency exchange rate change — — (1) —
Benefits paid (97) (8) (1) —
Obligation at end of period $1,218 $1,122 $ 17 $ 17
Change in plan assets:
Fair value of plan assets at beginning of period $ 986 $ 972 $ — $ —
Actual return on plan assets 107 22 — —
Employer contribution 43 — 1 —
Benefits paid (97) (8) (1) —
Fair value of plan assets at end of period 1,039 986 — —
Net liability recognized at end of period $ (179) $ (136) $(17) $ (17)
The following table shows the amounts recognized in the Consolidated Balance Sheets related to the Company’s North America defined benefit pension and
other postretirement benefit plans as of year-ends:
(In millions)
Noncurrent assets $ — $ 10 $ — $ —
Current liabilities (3) (3) (1) (1)
Noncurrent liabilities (176) (143) (16) (16)
Net amount recognized $(179) $(136) $(17) $(17)
Amounts recognized in accumulated other comprehensive loss (income) consist of:
(In millions)
Net loss (gain) $ 67 $ (26) $ 1 $ —
Prior service cost (credit) — — — —
Total $ 67 $ (26) $ 1 $ —
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