Staples 2015 Annual Report Download - page 146
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APPENDIX C
C-29 STAPLES Form 10-K
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
The following table presents the changes in pension plan assets for each of the defined benefit pension plans during 2014 and
2015 (in millions):
U.S. Plans International
Plans Total
Fair value of plan assets at February 1, 2014 $33 $1,141 $1,175
Actual return on plan assets 3 207 210
Employer’s contributions 1 11 12
Plan participants’ contributions — 3 3
Benefits paid (6) (51) (57)
Currency translation adjustments — (206) (206)
Fair value of plan assets at January 31, 2015 $31 $1,106 $1,137
Actual return on plan assets (2) (28) (30)
Employer’s contributions — 10 10
Plan participants’ contributions — 1 1
Benefits paid (2) (44) (46)
Currency translation adjustments — (39) (39)
Fair value of plan assets at January 30, 2016 $27 $1,006 $1,033
Amounts recognized in the consolidated balance sheet consist of the following (in millions):
January 30, 2016
Pension Plans Post-retirement
Benefit Plans
U.S. Plans International
Plans Total Total
Prepaid benefit cost (included in other assets) $— $45 $45 $—
Accrued benefit liability (included in other long-term obligations) (10) (28) (38) (61)
Accumulated other comprehensive loss 10 283 293 31
Net amount recognized $— $300 $300 $(30)
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) $(63) $(73) $(59)
Accumulated other comprehensive loss 10 335 345 36
Net amount recognized $— $272 $272 $(23)
Amounts recognized in accumulated other comprehensive
loss that have not yet been recognized as components of
net periodic pension and post-retirement benefit costs at
January 30, 2016 and January 31, 2015 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 2016 is approximately
$14 million and $3 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 2015 or 2014 that would have had
a material effect on the consolidated statement of income in
these periods.