Investment in Unconsolidated Joint Venture

6 Months Ended

Jun. 30, 2012

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 income for Office Depot de Mexico:

	June 30,		December 31,	June 25,
(In thousands)	2012		2011	2011
Current assets	$	438,335	$ 301,789	$	363,294
Non-current assets		313,463	310,228		305,487
Current liabilities		323,093	191,008		256,511
Non-current liabilities		3,243	2,926		3,132

	Second Quarter				First Half
(In thousands)	2012		2011		2012		2011
Sales	$	259,931	$	271,970	$	544,583	$	543,809
Gross profit		78,019		79,624		160,523		157,437
Net income		9,778		14,286		26,350		31,695

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 Statements of Cash Flows.