OfficeMax 2014 Annual Report Download - page 112
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Table of Contents
The following is a reconciliation of the change in fair value of the pension plan assets calculated based on Level 3 inputs; during 2014, there was no change
in the fair value of the pension plan assets or transfers of assets valued based on Level 3 inputs.
(In millions)
Balance at December 29, 2012 $ —
Purchases, sales, and settlements 7
Balance at December 28, 2013 $ 7
Cash Flows
Anticipated benefit payments for the European pension plan, at December 27, 2014 exchange rates, are as follows:
(In millions)
2015 $ 6
2016 6
2017 6
2018 6
2019 6
Next five years $ 34
The Company also sponsors defined contribution plans for most of its employees. Eligible Company employees may participate in the Office Depot, Inc.
Retirement Savings Plan. In connection with the Merger, certain employees still participate in one of two contributory defined contribution savings plans
that OfficeMax had in place for most of its salaried and hourly employees: a plan for U.S. employees and a plan for Puerto Rico employees. All of the
Company’s existing and assumed OfficeMax defined contribution plans (the “401(k) Plans”) allow eligible employees to contribute a percentage of their
salary, commissions and bonuses in accordance with plan limitations and provisions of Section 401(k) of the Internal Revenue Code and the Company makes
matching contributions to each plan subject to the limits of the respective 401(k) Plans. Matching contributions are invested in the same manner as the
participants’ pre-tax contributions. The 401(k) Plans also allow for a discretionary matching contribution in addition to the normal match contributions if
approved by the Board of Directors.
Office Depot and OfficeMax previously sponsored non-qualified deferred compensation plans that allowed certain employees, who were limited in the
amount they could contribute to their respective 401(k) plans, to defer a portion of their earnings and receive a Company matching amount. Both plans are
closed to new contributions.
During 2014, 2013, and 2012, $16 million, $9 million, and $7 million, respectively, were recorded as compensation expense for the Company’s
contributions to these programs and certain international retirement savings plans. Additionally, nonparticipating annuity premiums were paid for benefits in
certain European countries totaling $4 million, $4 million, and $5 million in 2014, 2013, and 2012, respectively.
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