Investment In Unconsolidated Joint Venture

3 Months Ended

Mar. 31, 2012

Investment In Unconsolidated Joint Venture [Abstract]

Investment In Unconsolidated Joint Venture

Note L – 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)*	March 31, 2012		December 31, 2011		March 26, 2011
Current assets	$	336,265	$	301,789	$	333,581
Non-current assets		310,980		310,228		300,915
Current liabilities		206,220		191,008		190,900
Non-current liabilities		3,296		2,926		2,936


	First quarter
*(In thousands)*	2012		2011
Sales	$	284,652	$	271,839
Gross profit		82,504		77,813
Net income		16,572		17,408

- 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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