OfficeMax 2009 Annual Report Download - page 70
Download and view the complete annual report
Please find page 70 of the 2009 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.-
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
 |
 |
The income tax provision attributable to income (loss) from continuing operations for the years
ended December 26, 2009, December 27, 2008 and December 29, 2007 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:
2009 2008 2007
(thousands)
Tax (provision) benefit at statutory rate .................. $10,617 $ 690,340 $ (118,184)
State taxes, net of federal effect ....................... 2,516 29,041 (11,030)
Foreign tax provision differential ....................... 1,085 (3,283) 106
Impact of goodwill impairment ........................ — (418,920) —
Net operating loss valuation allowance and credits .......... (2,484) 1,291 434
Change in tax contingency liability ..................... (3,390) (3,394) 755
Tax settlement, net of other charges .................... 14,880 6,830 1,582
Repatriation of foreign earnings, net .................... 3,428 — —
ESOP dividend deduction ............................ 944 1,166 1,317
Other, net ....................................... 1,162 3,410 (262)
$28,758 $ 306,481 $(125,282)
The tax effects of temporary differences that give rise to significant portions of the deferred tax
assets and deferred tax liabilities at year-end are presented in the following table:
2009 2008
(thousands)
Impairment of note receivable ................................. $ 286,207 $ 286,207
Minimum tax and other credits carryover ......................... 237,897 28,303
Net operating loss carryovers ................................. 104,605 27,801
Deferred gain on Boise Investment ............................. 69,925 69,925
Compensation obligations ................................... 154,400 220,045
Operating reserves and accrued expenses ....................... 59,682 64,563
Investments and deferred charges ............................. 18,110 25,681
Property and equipment ..................................... 15,942 47,899
Allowances for receivables ................................... 14,253 18,219
Inventory ................................................ 8,699 11,863
Tax goodwill ............................................. 6,788 9,774
Other .................................................. 3,064 10,207
Total deferred tax assets .................................... 979,572 820,487
Valuation allowance on NOLs and credits ........................ (16,117) (13,633)
Total deferred tax assets after valuation allowance ................ $ 963,455 $ 806,854
Timberland installment gain related to Wachovia Note ............... $(266,798) $ (266,798)
Timberland installment gain related to Lehman Note ................ (276,965) —
Undistributed earnings ...................................... (4,606) (4,606)
Total deferred tax liabilities ................................... (548,369) (271,404)
Total net deferred tax assets ................................ $ 415,086 $ 535,450
66