Staples 2014 Annual Report Download - page 167

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APPENDIX C
STAPLES C-35
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
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
2015 $1,905 $42,982 $44,887
2016 1,981 42,678 44,659
2017 2,089 42,795 44,884
2018 2,159 42,736 44,895
2019 2,244 42,085 44,329
2020-2024 12,266 205,710 217,976
These payments have been estimated based on the
same assumptions used to measure the plans’ projected
benefit obligation at January 31, 2015 and include benefits
attributable to estimated future compensation increases for
the pension plans.
The 2015 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.
Based on current assumptions, the Company expects
to contribute $0 million and $10.4 million to its U.S. and
international plans, respectively, during fiscal 2015.
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 2014, 2013
and 2012 was $39.7 million, $40.7 million and $40.9 million,
respectively.