OfficeMax 2015 Annual Report Download - page 104
Download and view the complete annual report
Please find page 104 of the 2015 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
 |
 |
Table of Contents
Pension Plan — Europe
The Company has a defined benefit pension plan which is associated with a 2003 European acquisition and covers a limited number of employees in Europe.
During 2008, curtailment of that plan was approved by the trustees and future service benefits ceased for the remaining employees.
Obligations and Funded Status
The following table provides a reconciliation of changes in the projected benefit obligation, the fair value of plan assets and the funded status of the plan to
amounts recognized on the Company’s Consolidated Balance Sheets.
(In millions) 2014
Changes in projected benefit obligation:
Obligation at beginning of period $224
Service cost —
Interest cost 10
Benefits paid (6)
Actuarial (gain) loss 25
Currency translation (14)
Obligation at end of period 239
Changes in plan assets:
Fair value of plan assets at beginning of period 232
Actual return on plan assets 47
Benefits paid (6)
Currency translation (16)
Fair value of plan assets at end of period 257
Net asset recognized at end of period $ 18
In the Consolidated Balance Sheets, the net funded amounts are classified as a non-current asset in the caption Other assets.
Components of Net Periodic Benefit
The components of net periodic benefit are presented below:
(In millions) 2014 2013
Service cost $ — $ —
Interest cost 10 9
Expected return on plan assets (14) (13)
Net periodic pension benefit $ (4) $ (4)
Included in Accumulated other comprehensive income were deferred gains of $7 million in 2015 and deferred losses of $1 million in 2014. The deferred gain
is not expected to be amortized into income during 2016.
102