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Investment In Unconsolidated Joint Venture

9 Months Ended

Sep. 24, 2011

Investment In Unconsolidated Joint Venture [Abstract]

Investment In Unconsolidated Joint Venture

Note J – Investment in Unconsolidated Joint Venture

Since 1994, we have participated in a joint venture in Mexico, Office Depot de Mexico. Because we participate equally in this business with a partner, we account for this investment using the equity method. Our proportionate share of Office Depot de Mexico's net income is presented in miscellaneous income, net in the Condensed Consolidated Statements of Operations.

The following tables provide summarized unaudited information from the balance sheets and statements of earnings for Office Depot de Mexico:


(In thousands)	September 24, 2011		December 25, 2010		September 25, 2010

Current assets	$	302,491	$	328,854	$	281,221
Non-current assets		283,925		289,200		275,398
Current liabilities		197,762		202,834		163,658
Non-current liabilities		2,890		3,667		2,412


	Third quarter				Year-to-Date
(In thousands)	2011		2010		2011		2010

Sales	$	308,128	$	255,228	$	851,937	$	682,983
Gross profit		87,819		72,449		245,256		195,833
Net income		17,553		17,313		49,247		41,952

During the second quarter of 2011, we received a $25 million cash dividend from this joint venture. The dividend is included as an operating activity in the Condensed Consolidated Statement of Cash Flows.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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