Staples 2014 Annual Report Download - page 165
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APPENDIX C
STAPLES C-33
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
Outside the United States, asset allocation decisions are
typically made by an independent board of trustees. As in the
U.S., investment objectives are designed to generate returns
that will enable the plan to meet its future obligations. In
some countries local regulations require adjustments in asset
allocation, typically leading to a higher percentage in fixed
income than would otherwise be deployed. Staples acts in a
consulting and governance role via its board representatives
in reviewing investment strategy, with final decisions on asset
allocation and investment managers made by local trustees.
The Company’s pension plans’ actual and target asset allocations at January 31, 2015 and February 1, 2014 are as follows:
January 31, 2015
Actual Target
U.S.
Plans
International
Plans Total
U.S.
Plans
International
Plans Total
Asset allocation:
Equity securities 43% 26% 26% 40% 26% 26%
Debt securities 54% 60% 60% 60% 61% 61%
Real estate 3% 8% 8% —% 7% 7%
Cash —% 5% 5% —% —% —%
Other —% 1% 1% —% 6% 6%
Total 100% 100% 100% 100% 100% 100%
February 1, 2014
Actual Target
U.S.
Plans
International
Plans Total
U.S.
Plans
International
Plans Total
Asset allocation:
Equity securities 43% 27% 27% 40% 25% 26%
Debt securities 54% 62% 62% 60% 62% 61%
Real estate 3% 7% 7% —% 7% 7%
Cash —% 2% 2% —% —% —%
Other —% 2% 2% —% 6% 6%
Total 100% 100% 100% 100% 100% 100%
No pension plan assets are expected to be returned to the Company during 2015.
Information on Fair Value of Plan Assets
The fair values of the Company’s pension plan assets at January 31, 2015 and February 1, 2014 by asset category are as follows
(in thousands):
January 31, 2015
U.S. Pension Plans International Plans
Quoted Prices
in Active
Markets for
Identical
Assets
Significant
Other
Observable
Inputs
Unobservable
Inputs
Quoted Prices
in Active
Markets for
Identical
Assets
Significant
Other
Observable
Inputs
Unobservable
Inputs
Asset Category:
Fair Market
Value Level 1 Level 2 Level 3
Fair Market
Value Level 1 Level 2 Level 3
Equity securities (1) $13,208 $13,208 $— $— $285,519 $223,945 $39,609 $21,965
Debt securities (2) 16,620 7,943 — 8,677 665,081 437,853 221,855 5,373
Real estate (3) 1,073 1,073 — — 92,078 89,617 2,461 —
Cash — — — — 49,477 34,782 14,695 —
Other (4) — — — — 13,489 1,630 (5,088) 16,947
Total $30,901 $22,224 $— $8,677 $1,105,644 $787,827 $273,532 $44,285