OfficeMax 2015 Annual Report Download - page 26
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Table of Contents
and mutual understanding notification that they would receive a fixed weekly salary for all hours worked. The plaintiffs seek unpaid overtime, punitive
damages, and attorneys’ fees. The Company believes in this case that adequate provisions have been made for probable losses and such amounts are not
material. However, in light of the early stage of the case and the inherent uncertainty of litigation, the Company is unable to estimate a reasonably possible
range of loss in this matter. Office Depot intends to vigorously defend itself in this lawsuit.
OfficeMax is named a defendant in a number of lawsuits, claims, and proceedings arising out of the operation of certain paper and forest products assets prior
to those assets being sold in 2004, for which OfficeMax agreed to retain responsibility. Also, as part of that sale, OfficeMax agreed to retain responsibility for
all pending or threatened proceedings and future proceedings alleging asbestos-related injuries arising out of the operation of the paper and forest products
assets prior to the closing of the sale. The Company has made provision for losses with respect to the pending proceedings. Additionally, as of December 26,
2015, the Company has made provision for environmental liabilities with respect to certain sites where hazardous substances or other contaminants are or
may be located. For these environmental liabilities, our estimated range of reasonably possible losses was approximately $10 million to $25 million. The
Company regularly monitors its estimated exposure to these liabilities. As additional information becomes known, these estimates may change, however, the
Company does not believe any of these OfficeMax retained proceedings are material to the Company’s business.
Not applicable.
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