OfficeMax 2015 Annual Report Download - page 107
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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 27, 2014 $ 7
Actual return on plan assets 1
Cash Flows
Anticipated benefit payments for the European pension plan, at 2015 year-end exchange rates, are as follows:
(In millions)
2016
2017
2018
2019
2020
Next five years
The Company also sponsors defined contribution plans for most of its employees. Eligible Company employees may participate in the Office Depot, Inc.
Retirement Savings Plans (a plan for U.S. employees and a plan for Puerto Rico employees). In December 2014, the Company merged the two contributory
defined contribution savings plans that OfficeMax had in place for most of its salaried and hourly employees (also a plan for U.S. employees and a plan for
Puerto Rico employees) with the respective Office Depot, Inc. Retirement Savings Plan. All of the Company’s 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 partial 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 2015, 2014, and 2013, $20 million, $16 million, and $9 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 $3 million, $4 million, and $4 million in 2015, 2014, and 2013, respectively.
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