OfficeMax 2014 Annual Report Download - page 82
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Table of Contents
associated with the restructuring plan consist primarily of approximately $95 million of severance pay and other employee termination benefits, and
approximately $25 million associated with lease obligations and other costs. Of these total estimated expenses, $37 million has been incurred through
December 27, 2014.
Merger-related asset impairments are not included in the table above. Refer to Note 16 for further information.
The activity in the merger and restructuring accruals in 2014 and 2013 is presented in the table below. Of the total $403 million and $201 million Merger,
restructuring and other expenses incurred in 2014 and 2013, respectively, $266 million and $98 million are related to merger or restructuring liabilities and
are included as Charges incurred in the table below.
(In millions)
Beginning
Balance
Charges
Incurred
OfficeMax
Merger
Additions
Cash
Payments
Currency,
Lease
Accretion,
and Other
Adjustments
Ending
Balance
Termination benefits
Merger-related accruals $ 23 $ 99 $ — $ (91) $ — $ 31
European restructuring plan — 26 — — — 26
Other restructuring accruals 5 23 — (21) 1 8
Acquired entity accruals 4 — — (2) (2) —
32 148 — (114) (1) 65
Lease and contract obligations, accruals for facilities closures and other
costs
Merger-related accruals 25 111 — (65) — 71
European restructuring plan — 2 — (2) — —
Other restructuring accruals 62 5 — (33) 1 35
Acquired entity accruals 59 — — (25) 2 36
146 118 — (125) 3 142
Total $ 178 $ 266 $ — $ (239) $ 2 $ 207
Termination benefits
Merger-related accruals $ — $ 29 $ — $ (6) $ — $ 23
Other restructuring accruals 6 23 — (24) — 5
Acquired entity accruals — 1 4 (1) — 4
6 53 4 (31) — 32
Lease and contract obligations, accruals for facilities closures and other
costs
Merger-related accruals — 42 22 (39) — 25
Other restructuring accruals 87 1 — (34) 8 62
Acquired entity accruals — 2 63 (6) — 59
87 45 85 (79) 8 146
Total $ 93 $ 98 $ 89 $ (110) $ 8 $ 178
80