Office Depot 2012 Annual Report Download - page 156
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The transition liability balance generated in 2007 will be amortized over a five-year period.
14
d. Nominal rates used in actuarial calculations are as follows:
2012 2011
% %
Discount of the
p
ro
j
ected benefit obli
g
ation at
p
resent value
8.19
7.98
Salar
y
increase
5.73
5.86
Minimum wa
g
e increase rate
4.27
4.27
e. Net cost for the
p
eriod includes the followin
g
items:
2012 2011 2010
(Unaudited)
Service cost
$10,913
$9,255
$9,22
0
Interest cost
2,954
2,88
0
2,068
Amortization of unreco
g
nized
p
rior service costs
208
5,197
3,978
Amortization of actuarial
g
ains
1,412
(6,977)
(1,759)
Effect of personnel reduction or early termination (other than a
restructurin
g
or discontinued o
p
eration)
(605) (605)
(509)
Net cost for the
p
eriod
$14,882
$9,75
0
$ 12,998
f. Chan
g
es in
p
resent value of the defined benefit obli
g
ation are as follows:
2012 2011 2010
(Unaudited)
Benefit obli
g
ation at be
g
innin
g
of
y
ear
$40,775
$33,997
$24,773
Service cost
10,913
9,255
9,22
0
Interest cost
2,954 2,880
2,068
Amortization of unreco
g
nized
p
rior service costs
208
5,197
3,977
Actuarial
g
ains and losses
–
Net
1,412
(6,977)
(1,759)
Benefits
p
aid
(10,706)
(2,972)
(3,775)
Effect of
p
ersonnel reduction or earl
y
termination
(605)
(605)
(507)
Present value of the defined benefit obli
g
ation as of December 31
$ 44,951
$40,775
$ 33,997
g. Under Mexican legislation, the Company must make payments equivalent to 2% of its workers’ daily integrated salary to a
defined contribution plan that is part of the retirement savings system. The expense in 2012, 2011 and 2010 (unaudited)
was $15,908, $14,348 and $12,552, res
p
ectivel
y
.