Staples 2015 Annual Report Download - page 145
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APPENDIX C
STAPLES C-28
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
The total net cost (benefit) disclosed above for 2015, 2014 and 2013 associated with the pension plans reflects the total for both
continuing and discontinued operations. The following table presents the net periodic cost recorded in the consolidated statement
of comprehensive income for 2013 related to discontinued operations pension plans only (in millions):
Discontinued Operations
Pension Plans
35 Weeks Ended
October 5, 2013
Service cost $4
Interest cost 2
Expected return on plan assets (2)
Total cost $4
The following table presents the changes in benefit obligations during 2014 and 2015 (in millions):
Pension Plans Post-retirement
Benefit Plans
U.S. Plans International
Plans Total Total
Projected benefit obligation at February 1, 2014 $38 $1,076 $1,114 $39
Service cost — 10 10 1
Interest cost 2 29 31 2
Plan participants’ contributions — 3 3 —
Actuarial losses 7 316 323 17
Benefits paid (6) (51) (57) —
Divestiture — (1) (1) —
Currency translation adjustments — (214) (214) —
Projected benefit obligation at January 31, 2015 $41 $1,169 $1,210 $59
Service cost — 19 19 2
Interest cost 2 15 17 3
Plan participants’ contributions — 1 1 —
Actuarial gains (4) (129) (133) (3)
Benefits paid (2) (44) (46) —
Other — (1) (1) —
Currency translation adjustments — (41) (41) —
Projected benefit obligation at January 30, 2016 $37 $989 $1,026 $61
The accumulated benefit obligation for the U.S. Plans and
International Plans at January 30, 2016 was $37 million and
$970 million, respectively. The accumulated benefit obligation
for the U.S. Plans and International Plans at January 31, 2015
was $41 million and $1.1 billion, respectively. The accumulated
benefit obligation for the post-retirement benefit obligation
was $61 million and $59 million at January 30, 2016 and
January 31, 2015, respectively.