Staples 2004 Annual Report Download - page 106
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STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
NOTE C Business Acquisitions and Equity Method Investments (Continued)
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of
acquisition, including net purchase price adjustments of $0.5 million, which reduced goodwill, in 2003 (in thousands):
As of July 17, 2002
Current assets ................................................. $ 27,419
Property and equipment .......................................... 11,512
Other assets .................................................. 46
Intangible assets ............................................... 6,498
Goodwill ..................................................... 342,968
Total assets acquired ............................................ 388,443
Current liabilities ............................................... 2,185
Other long-term liabilities ........................................ 1,793
Total liabilities assumed .......................................... 3,978
Net assets acquired ............................................. $384,465
In connection with the acquisition of MAP, the Company recorded $6.5 million of acquired intangible assets. Of this
total, $5.9 million was assigned to trade names and trademarks, which have indefinite lives and are not subject to
amortization and $0.6 million was assigned to customer-related intangible assets that are being amortized over 10 years.
Pro forma results of operations assuming the 2004 acquisitions, the European mail order acquisition or the MAP
acquisition occurred as of the beginning of the respective fiscal years have not been presented, as the inclusion of the
results of operations for the acquired businesses would not have produced a material impact on the reported sales, net
income or earnings per share of the Company for any of the periods presented.
NOTE D Accrued Expenses and Other Current Liabilities
The major components of accrued liabilities are as follows (in thousands):
January 29, January 31,
2005 2004
Taxes ................................................................ $234,960 $ 207,070
Employee related ....................................................... 254,954 222,949
Acquisition and store closure reserves ........................................ 90,805 58,128
Advertising and marketing ................................................. 53,417 58,023
Other ................................................................ 320,048 276,283
Total ............................................................... $954,184 $ 822,453
C-15