Office Depot 2011 Annual Report Download - page 224
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The transition liability balance generated in 2007 will be amortized over a five-year period.
16
c. Nominal rates used in actuarial calculations are as follows:
2011
2010
(Unaudited)
% %
Discount of the
p
ro
j
ected benefit obli
g
ation at
p
resent value
7.98
7.98
Salar
y
increase
5.86
5.86
Minimum wa
g
e increase rate
4.27
4.27
d. Net cost for the
p
eriod includes the followin
g
items:
2011 2010 2009
(Unaudited) (Unaudited)
Service cost
$9,255
$9,22
0
$10,724
Interest cost
2,880
2,068
1,761
Amortization of unreco
g
nized
p
rior service costs
5,197
3,978
385
Actuarial
g
ains
(6,977)
(1,759)
(1,621)
Effect of personnel reduction or early termination (other than a
restructurin
g
or discontinued o
p
eration)
(605)
(509)
(875)
Net cost for the
p
eriod
$ 9,750
$ 12,998
$ 10,374
e. Chan
g
es in
p
resent value of the defined benefit obli
g
ation, are as follows:
2011 2010 2009
(Unaudited) (Unaudited)
Benefit obli
g
ation at be
g
innin
g
of
y
ear
$33,997
$24,773
$19,837
Service cost
9,255
9,220
10,724
Interest cost
2,880
2,068
1,761
Amortization of unreco
g
nized
p
rior service costs
5,197 3,977
384
Actuarial
g
ains and losses
–
Net
(6,977) (1,759)
(1,621)
Benefits
p
aid
(2,972)
(3,775)
(5,438)
Effect of
p
ersonnel reduction or earl
y
termination
(605)
(507)
(874)
Present value of the defined benefit obli
g
ation as of December 31
$40,775 $ 33,997
$ 24,773
f. Under Mexican legislation, the Company must make payments equivalent to 2% of its workers’ daily integrated salary
(ceiling) to a defined contribution plan that is part of the retirement savings system. The expense in 2011, 2010 (unaudited)
and 2009 (unaudited) was $14,348, $12,552 and $11,695, res
p
ectivel
y
.