Office Depot 2011 Annual Report Download - page 223
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Intangible assets as of December 31, are as follows:
Amortization expense of intangible assets for the years ended December 31, 2011, 2010 (unaudited) and 2009 (unaudited) was
$36,641, $0 and $0, respectively. The estimated aggregate amortization expense of intangible assets with finite lives for each of
the five following years is as follows:
15
8. Intangible assets
2011 2010
(Unaudited)
Intan
g
ible assets with finite useful lives:
Non-com
p
ete a
g
reement
$ 24,121
$ 21,366
Customer list
103,346
92,912
127,467
114,278
Accumulated amortization
(40,308)
—
87,159
114,278
Intan
g
ible asset with indefinite useful life:
Trade mar
k
12,99
0
11,679
$100,149
$125,957
2012
$ 22,594
2013
$ 22,594
2014
$22,594
2015
$ 17,448
2016
$1,929
9. Employee retirement obligations
a. The Company pays seniority premium benefits to its employees, which consist of a lump sum payment of 12 days’ wage
for each year worked, calculated using the most recent salary, not to exceed twice the minimum wage established by law.
The related liability and annual cost of such benefits are calculated by an independent actuary on the basis of formulas
defined in the
p
lans usin
g
the
p
ro
j
ected unit credit method.
b. Present value of these obli
g
ations are:
2011
2010
(Unaudited)
Defined benefit obli
g
ation
—
Underfunded
$(42,316)
$(35,614)
Unreco
g
nized items:
Past service costs, change in methodology and changes to the
p
lan
1,02
0
704
Transition liabilit
y
291
635
Actuarial
g
ains and losses
23
0
278
Total unreco
g
nized amounts
p
endin
g
amortization
1,541
1,617
Net
p
ro
j
ected liabilit
y
$(40,775)
$(33,997)