OfficeMax 2011 Annual Report Download - page 95
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investment of $7.8 million in 2011, $7.3 million in 2010 and $6.7 million in 2009 in the Corporate and Other
segment. The dividend receivable was $38.0 million and $30.2 million at December 31, 2011 and December 25,
2010, respectively, and was recorded in the Corporate and Other segment in other non-current assets in the
Consolidated Balance Sheets.
The Company receives distributions on the Boise Investment for the income tax liability associated with its
share of allocated earnings. During 2009, the Company received a tax-related distribution of $2.6 million. No
distributions were received in 2011 or 2010.
10. Debt
The Company’s debt, almost all of which is unsecured, consists of both recourse and non-recourse
obligations as follows at year-end:
2011 2010
(thousands)
Recourse debt:
7.35% debentures, due in 2016 ............................................ $ 17,967 $ 17,967
Medium-term notes, Series A, with interest rates averaging 7.9%, due in 2012 ...... 35,000 36,900
Revenue bonds, with interest rates averaging 6.4% , due in varying amounts
periodically through 2029 .............................................. 185,505 185,505
American & Foreign Power Company Inc. 5% debentures, due in 2030 ............ 18,526 18,526
Grupo OfficeMax installment loans, due in monthly installments through 2014 ...... 8,508 13,096
Other indebtedness, with interest rates averaging 6.8%, due in varying amounts
annually through 2016 ................................................. 3,188 3,536
$ 268,694 $ 275,530
Less unamortized discount ............................................... (504) (535)
Total recourse debt ................................................. $ 268,190 $ 274,995
Less current portion ..................................................... (38,867) (4,560)
Long-term debt, less current portion ................................ $ 229,323 $ 270,435
Non-recourse debt:
5.42% securitized timber notes, due in 2019 ................................. $ 735,000 $ 735,000
5.54% securitized timber notes, due in 2019 ................................. 735,000 735,000
Total non-recourse debt .......................................... $1,470,000 $1,470,000
Scheduled Debt Maturities
The scheduled payments of recourse debt are as follows:
Total
(thousands)
2012 ............................................................................. $ 38,867
2013 ............................................................................. 3,858
2014 ............................................................................. 1,681
2015 ............................................................................. 105
2016 ............................................................................. 20,153
Thereafter ......................................................................... 204,030
Total ............................................................................. $268,694
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