Staples 2014 Annual Report Download - page 162
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APPENDIX C
C-30 STAPLES Form 10-K
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
The following table presents the changes in benefit obligations during 2013 and 2014 (in thousands):
Pension Plans
Post-retirement
Benefit Plans
U.S. Plans
International
Plans Total Total
Projected benefit obligation at February 2, 2013 $40,661 $1,123,312 $1,163,973 $46,049
Service cost — 16,142 16,142 1,999
Interest cost 1,687 33,479 35,166 2,007
Plan participants’ contributions — 1,041 1,041 —
Actuarial (gains) losses (2,458) 675 (1,783) (8,544)
Benefits paid (1,707) (55,765) (57,472) (2,783)
Divestiture — (35,069) (35,069) —
Currency translation adjustments — (7,714) (7,714) —
Projected benefit obligation at February 1, 2014 $38,183 $1,076,101 $1,114,284 $38,728
Service cost — 10,273 10,273 1,300
Interest cost 1,783 28,885 30,668 2,068
Plan participants’ contributions — 3,445 3,445 —
Actuarial losses 7,146 315,519 322,665 16,479
Benefits paid (6,079) (50,914) (56,993) —
Divestiture — (632) (632) —
Currency translation adjustments — (213,992) (213,992) —
Projected benefit obligation at January 31, 2015 $41,033 $1,168,685 $1,209,718 $58,575
The accumulated benefit obligation for the U.S. Plans and
International Plans at January 31, 2015 was $41.0 million
and $1.14 billion, respectively. The accumulated benefit
obligation for the U.S. Plans and International Plans at
February 1, 2014 was $38.2 million and $1.06 billion,
respectively. The accumulated benefit obligation for
the post-retirement benefit obligation was $58.6 million
and $38.7 million at January 31, 2015 and February 1,
2014, respectively.
The following table presents the changes in pension plan assets for each of the defined benefit pension plans during 2013 and
2014 (in thousands):
U.S. Plans
International
Plans Total
Fair value of plan assets at February 2, 2013 $32,273 $1,165,558 $1,197,831
Actual return on plan assets 2,451 44,619 47,070
Employer’s contributions 740 14,701 15,441
Plan participants’ contributions — 1,041 1,041
Benefits paid (1,707) (55,765) (57,472)
Other — 3,677 3,677
Divestiture — (14,116) (14,116)
Amortization of unrecognized losses (378) (11,668) (12,046)
Currency translation adjustments — (6,901) (6,901)
Fair value of plan assets at February 1, 2014 $33,379 $1,141,146 1,174,525
Actual return on plan assets 3,165 216,867 220,032
Employer’s contributions 500 10,530 11,030
Plan participants’ contributions — 3,445 3,445
Benefits paid (6,079) (50,914) (56,993)
Amortization of unrecognized losses (64) (9,859) (9,923)
Currency translation adjustments — (205,571) (205,571)
Fair value of plan assets at January 31, 2015 $30,901 $1,105,644 1,136,545