OfficeMax 2015 Annual Report Download - page 83
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Table of Contents
Amortization of intangible assets was $14 million in 2015, $18 million in 2014, and $4 million in 2013. Intangible assets amortization expenses are included
in the Consolidated Statements of Operations in Selling, general and administrative expenses. Amortization of favorable leases is included in rent expense.
Refer to Note 10 for further detail.
Estimated future amortization expense for the intangible assets is as follows:
(In millions)
2016
2017
2018
2019
2020
Thereafter
Total
As part of the Merger, the Company acquired an investment of approximately 20% of the voting equity securities (“Common Units”) of Boise Cascade
Holdings, L.L.C. (“Boise Cascade Holdings”), a building products company that originated in connection with the OfficeMax sale of its paper, forest
products and timberland assets in 2004. Through the end of 2013, Boise Cascade Holdings owned common stock of Boise Cascade Company (“Boise
Cascade”), a publicly traded entity, which gave the Company the indirect ownership interest of approximately 4% of the shares of Boise Cascade. During the
first quarter of 2014, Boise Cascade Holdings distributed to its shareholders all of the Boise Cascade common stock it held. The Company received 1.6
million shares in this distribution, which the Company fully disposed of in open market transactions through the end of the second quarter of 2014 for total
cash proceeds of $43 million. During the third quarter of 2014, the Company received an additional $1 million of cash in conjunction with the dissolution of
Boise Cascade Holdings.
Through the date of disposition, the investment in Boise Cascade Holdings was accounted for under the cost method because the Company did not have the
ability to significantly influence the entity’s operating and financial policies. The investment was recorded at fair value on the date of the Merger.
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