This excerpt taken from the SPLS 10-Q filed May 27, 2009.
Note H Pension 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 most employees in Europe and certain employees in the United States. 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. Prior to the acquisition of Corporate Express, the Company sponsored no defined benefit plans.
STAPLES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Continued)
Net periodic pension cost recognized for the first quarter of 2009 is based upon preliminary estimates pending the final actuarial determination of such costs for fiscal 2009. The following table presents a summary of the total net periodic cost recorded in the Condensed Consolidated Statement of Income for the first quarter of 2009 related to the plans (in thousands):
Cash contributions of $0.2 million and $1.8 million were made to the U.S. Plans and International Plans, respectively, during the first quarter of 2009. The Company expects to make additional cash contributions of $1.0 million and $9.2 million to the U.S. Plans and International Plans, respectively, during the remainder of fiscal 2009.