Office Depot 2004 Annual Report Download

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Table of contents

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  • Page 10
    ฀ ฀   Ê    Ê     Ê  Ê  ³ ³Ê   Ê Ã"ääέ£®­Ã"® f£Ã"]ÃŽxn]xÈÈ n]{nÃŽ]nÃ"äÊ ÃŽ]nÇ{]Ç{È Ã"]näÇ]££Ã" xÇn]n{ä Ã"Ã"]nä™Ê {Èx]™nx £{]£™È ...

  • Page 11
    ...to Commission file number 1-10948 Office Depot, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 2200 Old Germantown Road; Delray Beach, Florida (Address of principal executive offices) 59-2663954 (I.R.S. Employer...

  • Page 12
    ... American Retail Division, Business Services Group, and International Group. These segments include multiple sales channels consisting of office supply stores, a contract sales force, Internet sites, and catalog and call centers, all supported by our network of crossdocks, warehouses and delivery...

  • Page 13
    ...sales are included in the results of our North American Retail Division. Our direct business is tailored to serve small- to mediumsized companies. Our direct customers order products using our Office Depot and Viking brand catalogs and via the Internet at our Office Depot and Viking public web sites...

  • Page 14
    ... distribution centers for re-supplying our retail stores at low handling and freight costs. Merchandising functions are located in both the U.S. and Europe. Each group is responsible for selecting, purchasing and pricing merchandise as well as managing the product life cycle of our key inventory...

  • Page 15
    ... with an Office Depot merchandise card, valued commensurate with their level of purchases from our company. The cost of these rewards is included in cost of goods sold, primarily in the North American Retail segment. Other marketing costs related to these programs are included in store and warehouse...

  • Page 16
    ... to download a copy of Office Depot's 2004 Environmental Stewardship Report, please visit our web site at www.officedepot.com/environment. You may also request a printed copy by contacting our Director, Investor Relations at our corporate headquarters in Delray Beach, Florida. Available Information...

  • Page 17
    ... Director-Center for Excellence (1993 to 1995) and Associate Director, U.S. Finance & Accounting Systems (1992 to 1993). Mr. Walker has been Senior Vice President, Finance and Controller since October 2001. Mr. Walker joined Office Depot in February 1999 as Vice President-Finance, Retail Stores...

  • Page 18
    ...# State/Country # UNITED STATES: Arizona ...California ...Colorado ...Connecticut ...Florida ...Georgia ...Illinois ...Louisiana ...Maryland ... 1 3 1 1 2 1 1 1 1 Massachusetts ...Michigan ...Minnesota ...New Jersey ...North Carolina ...Ohio ...Texas ...Utah ...Washington ...TOTAL UNITED STATES...

  • Page 19
    ...13.600 We have never declared or paid cash dividends on our common stock. While we regularly assess our dividend policy, we have no current plans to declare a dividend. Earnings and other cash resources will continue to be used in the expansion of our business. Office Depot 2004 Annual Report | 17

  • Page 20
    ... of Office Depot, Inc. common stock during the fourth quarter of the 2004 fiscal year: (d) Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of...

  • Page 21
    ... open at end of period: United States and Canada: Office supply stores ...Customer service centers ...Call centers ...International(4): Office supply stores ...Customer service centers ...Call centers ...Total square footage- North American Retail Division...Percentage of sales by segment: North...

  • Page 22
    ... consisting of office supply stores, a contract sales force, Internet sites, and catalog and call centers, all supported by our crossdock, warehouse and delivery operations. Each of these segments is described in more detail in Item 1, Business. We operate on a 52- or 53-week fiscal year ending on...

  • Page 23
    ...changes. Under Mr. Austrian's leadership, our senior management team has sharpened the company's focus in several key areas. These include expanding the contract sales teams in the U.S. and Europe, improving and expanding North American retail stores at an accelerated pace, growing our private label...

  • Page 24
    ... volume rebates and promotional incentives received from our vendors, offset in BSG by higher product cost and promotional activity, and in our International Group by a higher mix of contract customers and prospecting catalogs. At the start of fiscal year 2003, we adopted new accounting guidance...

  • Page 25
    ... from additional volume rebates and promotional support received from our vendors, particularly in the fourth quarter of the year. Also during 2004, we expanded our selection of private label brands. We currently offer in our stores and catalogs over 3,000 private label stock keeping units, or...

  • Page 26
    ... by using a more cost effective blend of company-owned and third party carriers. In 2002, call center consolidation contributed to lower personnel-related costs, and the introduction of new technologies streamlined operations and reduced delivery costs by 13%. 24 | Office Depot 2004 Annual Report

  • Page 27
    ...of prospecting catalogs (which feature lower priced products) in Europe to support growth into new markets and increased customer acquisition in established markets. Also, the change in 2004 reflects margin pressures in both the catalog and contract channels related to paper and ink and toner. Since...

  • Page 28
    ...international G&A expenses at higher exchange rates. The increase as a percentage of sales, however, reflects the write off of costs associated with terminating plans for a new corporate office site, dispute resolutions, executive severance following the departure of our Chairman and CEO, exit costs...

  • Page 29
    ... are collected quickly after reaching specified milestones. Our primary outflow of cash from operations is the purchase of inventory, net of customary credit arrangements with vendors, operational costs such as payroll and rent, and the payment of current taxes. Office Depot 2004 Annual Report | 27

  • Page 30
    ... as the timing of year-end purchases and vendor payments. The increase in inventories reflects lower than expected sales in our North American Retail Division during the fourth quarter, and an intentional build up of certain products to support the holiday season and, our new retail merchandising...

  • Page 31
    ...label credit card receivables transferred to a third party. We record a fair value estimate for losses on these receivables in our financial statements. The total outstanding amount transferred to a third party at the end of the year was approximately $254.3 million. Office Depot 2004 Annual Report...

  • Page 32
    ... advertising arrangements can change between years. These arrangements can be influenced by increases or reductions in inventory purchases compared to company plans and programs offered by the vendors. While there are long-standing volume and pricing conventions in the office products industry...

  • Page 33
    ... reviewing the accounting for uncertain tax positions and may issue new or revised accounting rules during 2005. We believe our current processes are consistent with accounting principles generally accepted in the United States of America. Office Depot 2004 Annual Report | 31 Closed store reserves...

  • Page 34
    ... competitive pressures on pricing, product selection and services provided. Many of these retail competitors, including discounters, warehouse clubs, and even drug stores and grocery chains, carry at least limited numbers of basic office supply products, including ink and toner cartridges, printer...

  • Page 35
    ... seasonal, with sales in our North American Retail Division and Business Services Group slightly higher during the first and third quarters of each year, and sales in our International Group slightly higher in the first and fourth quarters. New Accounting Standards In March 2004, Emerging Issues...

  • Page 36
    ... statements regarding future performance: Competition-Contract and Direct: We compete with a number of contract stationers, mail order and Internet operators and retailers who supply office products and services to large and small businesses, both nationally and internationally, by selling...

  • Page 37
    ... as Office Depot retail stores will face strong competitive pressures. Throughout their useful lives, these retail locations must generate operating cash flows that are at least sufficient to recover the remaining book value of the initial purchase price and related capitalized and operating costs...

  • Page 38
    ...-to-quarter variability, including new store openings which require an outlay of pre-opening expenses, generate lower initial profit margins and cannibalize existing stores; timing of warehouse integration; competitors' pricing; changes in our product mix; fluctuations in advertising and promotional...

  • Page 39
    ... independent accounting firm, internal costs associated with documenting the adequacy of our internal controls over financial reporting and similar compliance activities, and increased costs of audit by our independent accounting firm. While Office Depot believes that it has been at all times in...

  • Page 40
    ... in 2004. The impact of any required write-off of goodwill associated with any units of our company could have a material adverse impact on our reported financial results in future periods. Office Depot is confident that our past practices and reports filed with the SEC, the New York Stock Exchange...

  • Page 41
    ...applicable rules of the Securities and Exchange Commission that applies to its principal executive officer, its principal financial officer, and its principal accounting officer or controller, or persons performing similar functions. A copy of the Code of Ethical Behavior is available free of charge...

  • Page 42
    ... restricted stock. (3) We currently settle essentially all share needs under the ESPP, the 401(k) Plan, and related deferred compensation plan, by open market purchases through the respective plan administrators. The number of securities remaining available for future issuance has been adjusted for...

  • Page 43
    ... Vice President, Finance and Chief Financial Officer (Principal Financial Officer) Senior Vice President, Finance and Controller (Principal Accounting Officer) Director Director Director Director Director Director Director Director Director Director Office Depot 2004 Annual Report | 41

  • Page 44
    ...STATEMENTS Page Management's Report on Internal Control Over Financial Reporting ...Reports of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets...Consolidated Statements of Earnings...Consolidated Statements of Stockholders' Equity ...Consolidated Statements of Cash Flows...

  • Page 45
    ... because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of the company's internal control over financial reporting as of December 25, 2004. In making this assessment, management used the criteria...

  • Page 46
    ... financial statements as of and for the year ended December 25, 2004 of the Company and our report dated March 7, 2005 expressed an unqualified opinion on those financial statements. Certified Public Accountants Fort Lauderdale, Florida March 7, 2005 44 | Office Depot 2004 Annual Report

  • Page 47
    ... the Company changed its method of accounting for cooperative advertising arrangements to conform to the requirements of Emerging Issues Task Force Issue No. 02-16 upon adoption of such guidance. Certified Public Accountants Fort Lauderdale, Florida March 7, 2005 Office Depot 2004 Annual Report...

  • Page 48
    OFFICE DEPOT, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) December 27, 2003 (As Restated- See Note B) December 25, 2004 ASSETS Current assets: Cash and cash equivalents ...Short-term investments ...Receivables, net of allowances of $38,007 in 2004 and $34,173 ...

  • Page 49
    OFFICE DEPOT, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share amounts) 2004 2003 (As Restated- See Note B) 2002 (As Restated- See Note B) Sales ...Cost of goods sold and occupancy costs...Gross profit ...Store and warehouse operating and selling expenses ...General and ...

  • Page 50
    ... benefits) ...Issuance of stock under employee stock purchase plans ...Direct Stock Purchase Plans ...Amortization of long-term incentive stock grant ... Balance at December 27, 2003 (As Restated-See Note B) ...398,822,742 Comprehensive income: Net earnings ...Foreign currency translation adjustment...

  • Page 51
    ...2002 (As Restated- See Note B) Cash flows from operating activities: Net earnings ...Adjustments to reconcile net earnings to net cash provided by operating activities: Cumulative effect of accounting change, net ...Depreciation and amortization ...Charges for losses on inventories and receivables...

  • Page 52
    ... and Canada under the Office Depot®, Viking Office Products®, Viking Direct®, 4Sure.com®, Guilbert®, and NiceDay™ brand names. Products and services are offered through wholly owned retail stores, contract business-to-business sales relationships, commercial catalogs and multiple web sites...

  • Page 53
    ... to net tangible and identifiable intangible assets of businesses acquired and accounted for under the purchase method. Accounting rules require that we test at least annually for possible goodwill impairment. We perform our test in the fourth quarter of each year using a discounted cash flow...

  • Page 54
    ... Purchase Plans and retirement savings plans was $12.6 million, $10.9 million and $9.4 million in 2004, 2003 and 2002, respectively. Had compensation cost for awards under our stock-based compensation plans been determined using the fair value method prescribed by Statement of Financial Accounting...

  • Page 55
    ... promote their product. The volume based rebates, supported by a vendor agreement, are estimated throughout the year and reduce the cost of inventory and cost of goods sold during the year. This estimate is regularly monitored and adjusted for current or anticipated changes in purchase levels...

  • Page 56
    ... $11.5 million of tax expense in 2004. We continue to assess whether additional earnings will be repatriated; see Note H. Note B-Restatement of Financial Statements On February 7, 2005, the Chief Accountant of the U.S. Securities and Exchange Commission ("SEC") released a letter expressing the SEC...

  • Page 57
    ... ...Net cash used in investing activities ... $ 651,740 $ 656,280 $ 701,897 (199,466) $ 702,334 (199,903) (1,179,837) (1,184,377) The cumulative effect of these accounting changes reduced retained earnings by $42.1 million as of the beginning of fiscal 2002. Office Depot 2004 Annual Report...

  • Page 58
    .... This company operated Office Depot retail stores and direct sales businesses in Hungary under an Office Depot license agreement. This acquisition and subsequent expansion adds four retail stores, a distribution center and additional Internet sales capabilities to the International Group segment...

  • Page 59
    ...25, 2004, we have closed on the purchase of 91 stores and 32 stores have been removed from the transaction through price adjustments and mutual agreement. Of the total number of stores (currently 92, after the agreed-upon removals), we plan to convert approximately 50 of these stores to Office Depot...

  • Page 60
    ... issuance costs, and the previously deferred gain related to the interest rate swap. The charge is reported as loss on extinguishment of debt in the other income (expense), net section of the Consolidated Statements of Earnings. In August 2003, we issued $400 million senior notes due August 2013...

  • Page 61
    ... based upon the uncertainty of the realization of certain foreign and state deferred assets related to net operating loss carryforwards. North America ...International ...Total ... $232,561 228,672 $461,233 $225,150 215,618 $440,768 $350,069 125,900 $475,969 Office Depot 2004 Annual Report | 59

  • Page 62
    ... in 2004, $3.1 million in 2003 and $2.9 million in 2002. Guarantee of Private Label Credit Card Receivables: Office Depot has private label credit card programs that are managed by a third-party financial services company. We act as the guarantor of all loans between our commercial customers and...

  • Page 63
    ... STATEMENTS (Continued) store and warehouse operating and selling expense. Maximum exposure to off-balance sheet credit risk is represented by the outstanding balance of private label credit card receivables, less reserves held by the financial services company which we fund. At December 25, 2004...

  • Page 64
    ...tax impacts of employee share-based payments in the Statement of Earnings and the Statement of Cash Flows. Currently, tax benefits received on certain nonqualified stock options and employee stock purchase plan share dispositions are credited to additional paid-in capital. Following this rule change...

  • Page 65
    ... rolling three year period, as well as interest bearing securities timed to match estimated benefit payouts. The allocation of assets is as follows: Percentage of Plan Assets 2004 2003 Service cost...Interest cost...Expected return on plan assets ...Net periodic pension cost ...Changes in projected...

  • Page 66
    ... company, (2) Office Depot's common stock is changed or exchanged, or (3) 50% or more of Office Depot's assets or earning power are sold, then each right, except those of the acquirer, will be exercisable for common stock of the acquiring corporation having a market value of twice the exercise price...

  • Page 67
    ... N-Segment Information Office Depot operates in three reportable segments: North American Retail Division, Business Services Group ("BSG"), and International Group. Each of these segments is managed separately primarily because it serves different customer groups. The accounting policies for each...

  • Page 68
    ... and CEO resigned and received severance payments under his existing employment agreement. The severance-related costs associated with these activities totaled $16.6 million, with $2.0 million incurred in North American Retail Division, $2.9 million in BSG, $2.8 million in the International Group...

  • Page 69
    ... before cumulative effect of accounting change in the fourth quarter of 2003 includes pre-tax charges of $32.4 million to adjust our lease termination costs related to our stores closed in prior periods and our write-down of certain internet investments. Office Depot 2004 Annual Report | 67

  • Page 70
    ... statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein. Certified Public Accountants Fort Lauderdale, Florida March 7, 2005 68 | Office Depot 2004 Annual Report

  • Page 71
    INDEX TO FINANCIAL STATEMENT SCHEDULES Page Schedule II-Valuation and Qualifying Accounts and Reserves ...70 All other schedules have been omitted because they are not applicable, not required or the information is included elsewhere herein. Office Depot 2004 Annual Report | 69

  • Page 72
    ...Column D Deductions- Write-offs, Payments and Other Adjustments Column E Balance at End of Period Description Allowance for doubtful accounts: 2004 ...2003 ...2002 ... $34,173 29,149 32,228 $18,767 25,645 22,103 $14,933 20,621 25,182 $38,007 34,173 29,149 70 | Office Depot 2004 Annual Report

  • Page 73
    ... Exhibit Number Exhibit 3.1 3.2 4.1 4.2 Restated Certificate of Incorporation Bylaws Form of Certificate representing shares of Common Stock Rights Agreement dated as of September 4, 1996, as amended and restated as of November 25, 2003, between Office Depot, Inc. and Mellon Investor Services...

  • Page 74
    ... Form of Purchase Money Mortgage related to Second Amendment to Contract for Purchase and Sale Amendment to Office Depot, Inc. Amended Long-Term Equity Incentive Plan* List of Office Depot, Inc.'s Significant Subsidiaries Consent of Independent Registered Public Accounting Firm Certification of CEO...

  • Page 75
    ... Depot of Texas, L.P. Viking Office Products, Inc.(1) Office Depot International BV(2) (1) Includes 6 subsidiaries in the same line of business (2) Includes 76 subsidiaries in the same line of business Delaware Delaware California Delaware California Netherlands Office Depot 2004 Annual Report...

  • Page 76
    ... relating to the Company's change in method of accounting for cooperative advertising arrangements) and management's report on the effectiveness of internal control over financial reporting, appearing in this Annual Report on Form 10-K of Office Depot, Inc. for the year ended December 25, 2004...

  • Page 77
    ... material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ NEIL R. AUSTRIAN Neil R. Austrian Chief Executive Officer, and Chairman Board of Directors Date: March 10, 2005 Office Depot 2004 Annual Report | 75

  • Page 78
    ..., that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ CHARLES E. BROWN Charles E. Brown Executive Vice President, Finance and Chief Financial Officer Date: March 10, 2005 76 | Office Depot 2004 Annual Report

  • Page 79
    ... Annual Report on Form 10-K of Office Depot, Inc. (the "Company") for the fiscal year ended December 25, 2004 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Neil R. Austrian, as Chief Executive Officer of the Company, and Charles E. Brown, as Chief Financial...

  • Page 80
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  • Page 81
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