Staples 2013 Annual Report Download - page 166

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STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
C-35
The target allocation reflects a risk/return profile Staples feels is appropriate relative to each plan's liability structure and
return goals. Staples conducts periodic asset-liability studies for the plan assets in order to model various potential asset allocations
in comparison to each plan's forecasted liabilities and liquidity needs.
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 February 1, 2014 and February 2, 2013 are as follows:
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%
February 2, 2013
Actual Target
U.S.
Plans
International
Plans Total
U.S.
Plans
International
Plans Total
Asset allocation:
Equity securities 38% 27% 27% 40% 25% 26%
Debt securities 54% 57% 57% 60% 61% 60%
Real estate 8% 7% 7% —% 7% 7%
Cash —% 4% 4% —% —% —%
Other —% 5% 5% —% 7% 7%
Total 100% 100% 100% 100% 100% 100%
No pension plan assets are expected to be returned to the Company during 2014.