OfficeMax 2007 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2007 OfficeMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

The income tax provision attributable to income (loss) from continuing operations for the years
ended December 29, 2007, December 30, 2006 and December 31, 2005 differed from the amounts
computed by applying the statutory U.S. Federal income tax rate of 35% to pre-tax income (loss)
from continuing operations as a result of the following:
2007 2006 2005
(thousands)
Tax (provision) benefit at statutory rate ................... $(118,184) $ (60,157) $ 13,166
State taxes, net of federal effect ........................ (11,030) (5,907) (5,532)
Foreign tax provision differential ........................ 106 (5,262) (2,883)
Basis difference in investments disposed of ............... — — 14,867
Nondeductible compensation .......................... — (473) (4,268)
NOL valuation allowance ............................. 434 (6,498) (21,533)
Change in contingency liability ......................... 755 1,925 (4,607)
Tax settlement, net of other charges ..................... 1,582 5,240 12,462
ESOP dividend deduction ............................ 1,317 1,413 1,489
Other, net ........................................ (262) 978 (4,387)
$(125,282) $(68,741) $ (1,226)
63