v2.4.0.6
Pension and Other Post-Retirement Benefit Plans
 6 Months Ended
Jul. 28, 2012
Pension and Other Post Retirement Benefit Plans Disclosure [Abstract]  
Pension and Other Post-Retirement Benefit Plans
Pension and Other Post-Retirement Benefit Plans
 
In connection with the acquisition of Corporate Express, Staples assumed the obligations under the defined benefit pension plans Corporate Express sponsored.  The pension plans cover certain employees in Europe and the U.S.  The benefits due to U.S. plan participants are frozen.  A number of the defined benefit plans outside the U.S. are funded with plan assets that have been segregated in trusts.  Contributions are made to these trusts, as necessary, to meet legal and other requirements.
 
In August 2010, the Company began sponsoring an unfunded post-retirement life insurance benefit plan, which provides benefits to eligible U.S. executives based on earnings, years of service and age at termination of employment.
 

The total net cost recognized for the second quarter and first half of 2012 and 2011 associated with the pension and other post-retirement benefit plans is based upon preliminary estimates pending the final actuarial determination of such costs. The following table presents a summary of the total net periodic cost recorded in the condensed consolidated statement of comprehensive income for the second quarter and first half of 2012 and 2011 related to the plans (in thousands):
 
 
 13 Weeks Ended July 28, 2012
 
Pension Plans
 
 Other
Post-Retirement Benefit Plan
Total
 
U.S. Plans
 
International Plans
 
Total
 
Service cost
$
—

 
$
2,531

 
$
2,531

 
$
460

Interest cost
443

 
9,247

 
9,690

 
385

Expected return on plan assets
(438
)
 
(12,398
)
 
(12,836
)
 


Amortization of unrecognized losses and prior service costs
83

 
1,289

 
1,372

 
429

Total cost
$
88

 
$
669

 
$
757

 
$
1,274

 
13 Weeks Ended July 30, 2011
 
Pension Plans
 
 Other
Post-Retirement Benefit Plan
Total
 
U.S. Plans
 
International Plans
 
Total
 
Service cost
$
—

 
$
2,404

 
$
2,404

 
$
443

Interest cost
466

 
10,179

 
10,645

 
372

Expected return on plan assets
(422
)
 
(13,923
)
 
(14,345
)
 
—

Amortization of unrecognized losses and prior service costs
—

 
352

 
352

 
431

Total cost (benefit)
$
44

 
$
(988
)
 
$
(944
)
 
$
1,246



 
26 Weeks Ended July 28, 2012
 
Pension Plans
 
 Other
Post-Retirement Benefit Plan Total
 
U.S. Plans
 
International Plans
 
Total
 
Service cost
$
—

 
$
5,180

 
$
5,180

 
$
920

Interest cost
886

 
18,915

 
19,801

 
770

Expected return on plan assets
(876
)
 
(25,366
)
 
(26,242
)
 
—

Amortization of unrecognized losses and prior service costs
166

 
2,633

 
2,799

 
858

Total cost
$
176

 
$
1,362

 
$
1,538

 
$
2,548


 
26 Weeks Ended July 30, 2011
 
Pension Plans
 
 Other
Post-Retirement Benefit Plan Total
 
U.S. Plans
 
International Plans
 
Total
 
Service cost
$
—

 
$
4,807

 
$
4,807

 
$
897

Interest cost
932

 
20,358

 
21,290

 
752

Expected return on plan assets
(844
)
 
(27,846
)
 
(28,690
)
 
—

Amortization of unrecognized losses and prior service costs
—

 
704

 
704

 
872

Total cost (benefit)
$
88

 
$
(1,977
)
 
$
(1,889
)
 
$
2,521



Cash contributions made to the pension plans during the second quarter and first half of 2012 and 2011 are as follows (in thousands):
 
 
13 Weeks Ended
 
26 Weeks Ended
 
July 28, 2012
 
July 30, 2011
 
July 28, 2012
 
July 30, 2011
U.S. Pension Plans
$
343

 
$
194

 
$
597

 
$
388

International Pension Plans
1,835

 
2,065

 
9,267

 
3,970

Total
$
2,178

 
$
2,259

 
$
9,864

 
$
4,358


 
The Company expects to make additional cash contributions of $0.8 million and $3.8 million to the U.S. Pension Plans and International Pension Plans, respectively, during the remainder of fiscal year 2012.  No cash contributions are expected to be made during 2012 to the Company’s other post-retirement benefit plans.