Staples 2013 Annual Report Download - page 168

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STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
C-37
The change in the fair value for the pension assets valued using significant unobservable inputs (Level 3) was due to the
following:
U.S. Plans International Plans
Balance at February 2, 2013 $ 9,718 $ 51,041
Actual return on plan assets still held at the reporting date (833)(1,675)
Translation adjustments — 1,007
Balance at February 1, 2014 $ 8,885 $ 50,373
Expected Benefit Payments and Contributions
The following table presents the expected benefit payments to pension plan participants for the next five years, and the
aggregate for the following five years (in thousands):
Pension Plans
U.S. Plans
International
Plans Total
2014 $ 1,858 $ 52,315 $ 54,173
2015 1,921 51,501 53,422
2016 2,027 51,120 53,147
2017 2,183 51,222 53,405
2018 2,257 50,972 53,229
2019-2023 12,818 247,946 260,764
These payments have been estimated based on the same assumptions used to measure the plans' projected benefit obligation
at February 1, 2014 and include benefits attributable to estimated future compensation increases for the pension plans.
The 2014 expected benefit payments to plan participants not covered by the respective plan assets (that is, underfunded
plans) represent a component of other long-term obligations in the consolidated balance sheet.
The following table presents, based on current assumptions, the Company's expected contributions for the next five years
and the aggregate for the following five years (in thousands):
Pension Plans
U.S. Plans
International
Plans Total
2014 $ 1,095 $ 11,620 $ 12,715
2015 1,285 11,665 12,950
2016 1,504 11,655 13,159
2017 863 11,964 12,827
2018 356 12,260 12,616
2019-2023 850 60,766 61,616
There are no expected benefit payments and contributions associated with the other post-retirement benefit plans.
Employees' 401(k) Savings Plan and Other Defined Contribution Plans
Staples' Employees' 401(k) Savings Plan (the "401(k) Plan") is available to all United States based employees of Staples
who meet minimum age and length of service requirements. Contributions by the Company to the 401(k) Plan are made in cash
and vest ratably over a five year period. The Company's Supplemental Executive Retirement Plan (the "SERP Plan"), which is
similar in many respects to the 401(k) Plan, is available to certain Company executives and other highly compensated employees,
whose contributions to the 401(k) Plan are limited, and allows such individuals to supplement their contributions to the 401(k)
Plan by making pre-tax contributions to the SERP Plan. Company contributions to the SERP Plan are based on a matching formula
and vesting period similar to the 401(k) Plan.
The expense associated with the Company's match for the Staples 401(k) Savings Plan and for contributions related to
certain foreign defined contribution plans for 2013, 2012 and 2011 was $40.7 million, $40.9 million and $41.2 million, respectively.