Staples 2014 Annual Report Download - page 163
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APPENDIX C
STAPLES C-31
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
Amounts recognized in the consolidated balance sheet consist of the following (in thousands):
January 31, 2015
Pension Plans
Post-retirement
Benefit Plans
U.S. Plans
International
Plans Total Total
Accrued benefit liability (included in other long-term obligations) (10,132) (63,041) (73,173) (58,575)
Accumulated other comprehensive loss 10,354 334,983 345,337 35,966
Net amount recognized $222 $271,942 $272,164 $(22,609)
February 1, 2014
Pension Plans
Post-retirement
Benefit Plans
U.S. Plans
International
Plans Total Total
Prepaid benefit cost (included in other assets) $— $87,544 $87,544 $—
Accrued benefit liability (included in other long-term obligations) (4,804) (22,499) (27,303) (38,729)
Accumulated other comprehensive loss 5,383 223,378 228,761 22,989
Net amount recognized $579 $288,423 $289,002 $(15,740)
Amounts recognized in accumulated other comprehensive
loss that have not yet been recognized as components of net
periodic pension and post-retirement costs at January 31,
2015 and February 1, 2014 are comprised of actuarial losses
and prior service costs. The amount of accumulated
other comprehensive loss expected to be recognized as
components of net periodic pension and post-retirement
benefit costs during 2015 is approximately $14.9 million and
$3.0 million, respectively.
There were no significant amendments to any of the
Company’s defined benefit pension plans or the post-retirement
life insurance benefit plan in 2014 or 2013 that would have had
a material effect on the consolidated statement of income in
these periods.
Assumptions Used to Determine Plan Financial Information
The valuation of benefit obligations and net periodic pension
and post-retirement benefit cost uses participant-specific
information such as salary, age and years of service, as
well as certain assumptions, the most significant of which
include estimates of discount rates, expected return on plan
assets, rate of compensation increases, interest rates and
mortality rates.
The following table presents the assumptions used to measure
the net periodic cost and the year-end benefit obligations for
the defined benefit pension and post-retirement benefit plans
for 2014, 2013 and 2012:
2014
Pension Plans
Post-retirement
Benefit Plan
U.S.
Plans
International
Plans
Weighted-average assumptions used to measure net periodic pension cost:
Discount rate 4.8% 3.0% 4.1%
Expected return on plan assets 6.0% 4.7% —%
Rate of compensation increase —% 1.1% 2.5%
Weighted-average assumptions used to measure benefit obligations at year-end:
Discount rate 3.8% 1.3% 4.1%
Rate of compensation increase —% 2.0% 2.5%
Rate of pension increase —% 1.1% —%