OfficeMax 2011 Annual Report Download - page 49

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Notes to Selected Financial Data
The company’s fiscal year-end is the last Saturday in December. For our U.S. businesses, there were 53
weeks in 2011 and 52 weeks for all other years presented.
(a) 2011 included the following pre-tax items:
• $11.2 million charge for impairment of fixed assets associated with certain of our Retail stores in the U.S.
• $5.6 million charge for costs related to Retail store closures in the U.S.
• $14.9 million charge for severance and other costs incurred in connection with various company
reorganizations.
(b) 2010 included the following pre-tax items:
• $11.0 million charge for impairment of fixed assets associated with certain of our Retail stores in the U.S.
• $13.1 million charge for costs related to Retail store closures in the U.S., partially offset by a $0.6
million severance reserve adjustment.
• $9.4 million favorable adjustment of a reserve associated with our legacy building materials
manufacturing facility near Elma, Washington due to the sale of the facility’s equipment and the
termination of the lease.
(c) 2009 included the following items:
• $17.6 million pre-tax charge for impairment of fixed assets associated with certain of our Retail
stores in the U.S. and Mexico. Our minority partner’s share of this charge of $1.2 million is
included in joint venture results attributable to noncontrolling interest.
• $31.2 million pre-tax charge for costs related to Retail store closures in the U.S. and Mexico. Our
minority partner’s share of this charge of $0.5 million is included in joint venture results
attributable to noncontrolling interest.
• $18.1 million pre-tax charge for severance and other costs incurred in connection with various
company reorganizations.
• $2.6 million pre-tax gain related to the Company’s Boise Investment.
• $4.4 million pre-tax gain related to interest earned on a tax escrow balance established in a prior
period in connection with our legacy Voyageur Panel business.
• $14.9 million of income tax benefit from the release of a tax uncertainty reserve upon resolution of
an issue under Internal Revenue Service (“IRS”) appeal regarding the deductibility of interest on
certain of our industrial revenue bonds.
(d) 2008 included the following pre-tax items:
• $1,364.4 million charge for impairment of goodwill, trade names and fixed assets. Our minority
partner’s share of this charge of $6.5 million is included in joint venture results attributable to
noncontrolling interest.
• $735.8 million charge for non-cash impairment of the timber installment note receivable due from
Lehman Brothers Holdings, Inc. and $20.4 million of related interest expense.
• $27.9 million charge for severance and costs associated with the termination of certain store and site leases.
• $20.5 million gain related to the Company’s Boise Investment, primarily attributable to the sale of
a majority interest in its paper and packaging and newsprint businesses.
(e) 2007 included the following items:
• $32.4 million pre-tax income related to a paper agreement with affiliates of Boise Cascade Holdings,
L.L.C. we entered into in connection with the Sale. This agreement was terminated in early 2008.
• $1.1 million after-tax loss related to the sale of OfficeMax’s Contract operations in Mexico to
Grupo OfficeMax, our 51%-owned joint venture.
17