Investment in Unconsolidated Joint Venture

9 Months Ended

Sep. 29, 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:

(In thousands)	September 29, 2012		December 31, 2011		September 24, 2011
Current assets	$	383,856	$	301,789	$	302,491
Non-current assets		324,543		310,228		283,925
Current liabilities		248,018		191,008		197,762
Non-current liabilities		3,329		2,926		2,890

	Third Quarter				Year-to-Date
(In thousands)	2012		2011		2012		2011
Sales	$	316,255	$	308,128	$	860,838	$	851,937
Gross profit		93,820		87,819		254,343		245,256
Net income		20,791		17,553		47,141		49,247

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.