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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
(Mark One)
7 Annual Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the fiscal year ended December 27, 2008
or
Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the transition period from to
Commission file number 1-10948
Office Depot, Inc.
(Exact name of registrant as specified in its charter)
Delaware 59-2663954
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6600 North Military Trail, Boca Raton, Florida 33496
(Address of principal executive offices) (Zip Code)
(561) 438-4800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on
which registered
Common Stock, par value $0.01 per share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes 5 No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No 5
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days: Yes 5 No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. 5
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer 5 Accelerated filer Non-accelerated filer Smaller reporting company
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No 5
The aggregate market value of voting stock held by non-affiliates of the registrant as of June 28, 2008 (based on the closing market price on the Composite
Tape on June 27, 2008) was approximately $3,010,635,490 (determined by subtracting from the number of shares outstanding on that date the number of
shares held by affiliates of Office Depot, Inc.).
The number of shares outstanding of the registrant’s common stock, as of the latest practicable date: At January 24, 2009, there were 274,832,415
outstanding shares of Office Depot, Inc. Common Stock, $0.01 par value.
Documents Incorporated by Reference:
Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Office Depot, Inc. definitive Proxy
Statement for its 2009 Annual Meeting of Shareholders, which shall be filed with the Securities and Exchange Commission pursuant to Regulation 14A of
the Securities Act of 1934, as amended, within 120 days of Office Depot, Inc.’s fiscal year end.

Table of contents

  • Page 1
    ... by Reference: Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Office Depot, Inc. definitive Proxy Statement for its 2009 Annual Meeting of Shareholders, which shall be filed with the Securities and Exchange Commission pursuant...

  • Page 2
    ...to a Vote of Security Holders ...PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...Item 6. Selected Financial Data ...Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ...Item 7A...

  • Page 3
    ... American Retail Division, North American Business Solutions Division and International Division. Sales are processed through multiple channels, consisting of office supply stores, a contract sales force, an outbound telephone account management sales force, internet sites, direct marketing catalogs...

  • Page 4
    ..., majority-owned entities or other ventures covering 38 countries, and through alliances in an additional ten countries. Our International Division sells office products and services through direct mail catalogs, contract sales forces, internet sites and retail stores, using a mix of company- 3

  • Page 5
    ...we sell office products through 446 retail stores outside North America. International Division store and distribution center operations are summarized below (includes only wholly-owned and majority-owned entities): Office Supply Stores Open at Beginning of Period Opened/ Acquired Closed Open at End...

  • Page 6
    ... services. Our selection of private brand products has increased in breadth and level of sophistication over time. We currently offer general office supplies, computer supplies, business machines and related supplies, and office furniture under various labels, including Office Depot®, Viking Office...

  • Page 7
    ... competitive positioning. We generally expect our everyday prices to be highly competitive with other resellers of office products. We acquire new customers by selectively mailing specially designed catalogs and by making on-premises sales calls to prospective customers. We also make outbound sales...

  • Page 8
    ... recycling services in our retail stores. In 2008, Office Depot continued to implement environmental programs in line with our stated environmental vision to "increasingly buy green, be green and sell green" - including environmental sensitivity in our packaging, operations and sales offerings...

  • Page 9
    ... from 2000. Prior to this role, she held several officer positions including Vice President, Marketing and Sales Administration and Vice President of Contract Marketing & Business Development. Ms. Luechtefeld joined Office Depot in 1993, serving as General Manager of the Southern California Region...

  • Page 10
    ... in department store retailing, where he served as General Merchandise Manager and a member of the Executive Committees for two publicly-held companies. Steven Schmidt - Age: 54 Mr. Schmidt was appointed President, North American Business Solutions in July 2007. Prior to joining Office Depot, Mr...

  • Page 11
    ... purchase products for resale under credit arrangements with our vendors. In recent years, we have worked to set payment terms to our vendors under these credit arrangements to occur at a time approximately equal to the anticipated time it takes to sell the vendor's products. In weak global markets...

  • Page 12
    ...in the areas of package shipping and copy and print centers. Recently, the socalled warehouse clubs have expanded upon their "in-store" offerings by adding catalog and internet sales channels, offering a broad assortment of office products for sale on a direct delivery basis. In order to achieve and...

  • Page 13
    ... of operations and cash flows. Global Sourcing of Products/Private Brand: In recent years, we have substantially increased the number and types of products that we sell under our private brands. We currently offer general office supplies, computer supplies, business machines and related supplies...

  • Page 14
    ... of retail stores or distribution facilities, such events could have a material adverse effect on our business, financial condition, results of operations and cash flows. New Systems and Technology: We frequently modify our information systems and technology to increase productivity and...

  • Page 15
    ... to conduct business in such locales. Compromises of our Information Security: Through our sales and marketing activities, we collect and store certain personal information that our customers provide to purchase products or services, enroll in promotional programs, register on our web site, or...

  • Page 16
    ... effect on our financial condition, results of operations and cash flows. Disclaimer of Obligation to Update We assume no obligation (and specifically disclaim any such obligation) to update these Risk Factors or any other forward-looking statements contained in this Annual Report to reflect actual...

  • Page 17
    ... 44 27 13 13 162 We did not open or close any retail stores during January 2009. We plan to close 118 stores in North America, of which 116 are part of the strategic review launched in the fourth quarter of 2008. We also plan to exit our retail operations in Japan during 2009. See Charges discussed...

  • Page 18
    ... 226,000 square feet in size, and a systems data center in Charlotte, North Carolina which is approximately 53,000 square feet in size. Although we own a small number of our retail store locations and several of our European distribution centers, most of our facilities are leased or subleased...

  • Page 19
    ...of Florida entered an Order consolidating the class action lawsuits and an Order consolidating the derivative actions. Lead plaintiff in the consolidated class actions, the New Mexico Educational Retirement Board, filed its Consolidated Amended Complaint on July 2, 2008. On September 2, 2008, Office...

  • Page 20
    ... point of consideration. 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 maintenance and expansion of our business. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Office Depot, Inc...

  • Page 21
    ...of Office Depot, Inc. common stock during the fourth quarter of the 2008 fiscal year: (d) Maximum Number of Shares (or (c) Total Number of Approximate Dollar Shares Purchased as Value) that May Yet Part of Publicly Be Purchased Under (a) Total Number of (b) Average Price Announced Plans or the Plans...

  • Page 22
    ...and Canada:...Office supply stores...Distribution centers ...Call centers...International(4): Office supply stores...Distribution centers ...Call centers...Total square footage - North American Retail Division...Percentage of sales by segment: North American Retail Division...North American Business...

  • Page 23
    ... stores also offer a design, print and ship center offering graphic design, printing, reproduction, mailing and shipping. The North American Business Solutions Division sells office supply products and services in the U.S. and Canada directly to businesses through catalogs, internet web sites and...

  • Page 24
    ...decisions from our fourth quarter business review included the closing of stores in North America and internationally, the exiting of certain unproductive businesses and the curtailing of capital expenditures throughout the company. Because of the current real estate markets, some of these decisions...

  • Page 25
    ... for the company. In making the decision on which stores to close, we considered sales, operating profit, cash flow, condition of the shopping center, location of other stores in the proximity and customer demographics, among other factors. The stores to be closed are located in various geographic...

  • Page 26
    .... Supply chain consolidation (North America) - During 2009, our current plan is to close five distribution centers and one crossdock facility to streamline our supply chain. These facilities are near the end of their initial lease terms and projected closure costs total approximately $8 million...

  • Page 27
    ... compared to 2007. Sales in North America decreased 10% for the year and comparable store sales in North American Retail decreased 13%. International Division sales increased 1% in U.S. dollars and decreased 2% in local currencies. Gross margin for 2008 declined 140 basis points from 2007, following...

  • Page 28
    ... in our International Division. Discussion of other income and expense items, including changes in interest and taxes follows our review of the operating segments. NORTH AMERICAN RETAIL DIVISION (Dollars in millions) 2008 2007 2006 Sales...% change ...Division operating profit (loss)...% of...

  • Page 29
    ...our M2 store design. At the end of 2008, we operated 1,267 retail stores in the U.S. and Canada. We anticipate opening approximately 15 stores in 2009. During 2009, we plan to close 118 stores in North America, of which 116 are part of the strategic review launched in the fourth quarter of 2008. For...

  • Page 30
    ...in 2008, compared to $220 million in 2007. This measure of operating performance is consistent with the internal reporting of results used to manage the business but does not include charges associated with the strategic decision to close five distribution centers and eliminate certain positions nor...

  • Page 31
    ... percentage of contract sales in our sales mix. During 2007, the Division established regional offices in Asia and Latin America, centralized certain support functions in Europe, expanded into Poland and consolidated certain warehouse facilities. These investments lowered 2007 operating margin by...

  • Page 32
    ... jurisdiction ruling that secured certain prior year filing positions. Additionally in 2007, because of a jurisdictional restructuring, changes in foreign country tax law and certain book to tax return adjustments, we recognized tax benefits totaling $48 million, primarily related to eliminations of...

  • Page 33
    ...Europe. We may move cash between those regions from time to time through short-term transactions and have used these cash transfers at the end of fiscal quarterly periods to pay down borrowings outstanding under our credit facilities. Although such transfers and debt repayments took place at the end...

  • Page 34
    ... aging of inventory and timing of vendor payments. The timing of payments is subject to variability during the year depending on a variety of factors, including the flow of goods, credit terms, timing of promotions, vendor production planning, new product introductions and working capital management...

  • Page 35
    ... in North America and distribution network infrastructure costs. Additionally, a portion of our 2008 capital expenditures relates to our new corporate headquarters facility. As mentioned above, we have significantly reduced our anticipated capital expenditures in response to the current economic...

  • Page 36
    ...as the timing and/or the amount of any cash payment is uncertain. See Note F of the Notes to Consolidated Financial Statements for additional information regarding our deferred tax positions and accruals for uncertain tax positions and Note H for a discussion of our employee benefit plans, including...

  • Page 37
    ...we form the belief at any given point in the year that it is not likely to be reached, cost of goods sold and the remaining inventory balances are adjusted to reflect that change in our outlook. We review sales projections and related purchases against vendor program estimates at least quarterly and...

  • Page 38
    ... no economic benefit to the company are discounted at the then-current credit-adjusted discount rate. Future fluctuations in the economy and the market demand for commercial properties could result in material changes in this liability. Costs associated with facility closures are included in store...

  • Page 39
    ...be ordered. We also face competition from other office supply stores that compete directly with us in numerous markets. This competition is likely to result in increased competitive pressures on pricing, product selection and services provided. Many of these retail competitors, including discounters...

  • Page 40
    ... global economy experienced throughout 2008 negatively impacted our sales and profits. Liquidity Factors - Historically, we have generated positive cash flow from operating activities and have had access to broad financial markets that provide the liquidity we need to operate our business. Together...

  • Page 41
    ... sales lower during the second quarter. Certain working capital components may build and recede during the year reflecting established selling cycles. Additionally, business cycles can and have impacted our operations and financial position when compared to other periods. NEW ACCOUNTING STANDARDS...

  • Page 42
    ..., 2008. As FAS 161 relates specifically to disclosures, the Standard will have no impact on our financial condition, results of operations or cash flows. FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the "Act") provides protection from liability in private lawsuits...

  • Page 43
    ...covered by this report, the company's disclosure controls and procedures were effective. Internal Control Over Financial Reporting (a) Management's Report on Internal Control Over Financial Reporting See Item 15(a)1 in Part IV. (b) Report of the Independent Registered Public Accounting Firm See Item...

  • Page 44
    ... the Proxy Statement for our 2009 Annual Meeting of Shareholders. We have adopted a Code of Ethical Behavior in compliance with applicable rules of the SEC that applies to our principal executive officer, our principal financial officer, and our principal accounting officer or controller, or persons...

  • Page 45
    ... policies are incorporated herein by reference to information included in the Proxy Statement for our 2009 Annual Meeting of Shareholders. PART IV Item 15. Exhibits and Financial Statement Schedules. (a) The following documents are filed as a part of this report: 1. The financial statements listed...

  • Page 46
    ... the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 24th day of February 2009. OFFICE DEPOT, INC. By /s/ STEVE ODLAND Steve Odland Chief Executive...

  • Page 47
    ... Page Management's Report on Internal Control Over Financial Reporting...Reports of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets...Consolidated Statements of Operations...Consolidated Statements of Stockholders' Equity...Consolidated Statements of Cash Flows...Notes...

  • Page 48
    ... 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 27, 2008. In making this assessment, management used the criteria set...

  • Page 49
    ... States), the consolidated financial statements as of and for the year ended December 27, 2008 of the Company and our report dated February 23, 2009 expressed an unqualified opinion on those financial statements. /s/ DELOITTE & TOUCHE LLP Certified Public Accountants Boca Raton, Florida February...

  • Page 50
    ... balance sheets of Office Depot, Inc. and subsidiaries (the "Company") as of December 27, 2008 and December 29, 2007 and the related consolidated statements of operations, stockholders' equity, and cash flows for each of the three years in the period ended December 27, 2008. These financial...

  • Page 51
    OFFICE DEPOT, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) December 27, 2008 December 29, 2007 ASSETS Current assets: Cash and cash equivalents ...Receivables, net of allowances of $45,990 in 2008 and $46,316 in 2007 ...Inventories...Deferred income taxes......

  • Page 52
    ... DEPOT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) 2008 2007 2006 Sales...Cost of goods sold and occupancy costs...Gross profit ...Store and warehouse operating and selling expenses ...Goodwill and trade name impairments ...Other asset impairments ...General...

  • Page 53
    ... stock purchase plans...Direct stock purchase plans...Amortization of long-term incentive stock grant ...Balance at December 29, 2007 ...Comprehensive income: Net loss...Foreign currency translation adjustment...Deferred pension loss...Amortization of gain on hedge ...Unrealized loss on cash flow...

  • Page 54
    OFFICE DEPOT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) 2008 2007 2006 Cash flows from operating activities: Net earnings (loss) ...Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization...Charges for losses on inventories ...

  • Page 55
    ... POLICIES Nature of Business: Office Depot, Inc. ("Office Depot") is a global supplier of office products and services under the Office Depot® brand and other proprietary brand names. As of December 27, 2008, we sold to customers in 48 countries throughout North America, Europe, Asia and Latin...

  • Page 56
    ... action, we perform our test in the fourth quarter of each year using a discounted cash flow analysis that requires that certain assumptions and estimates be made regarding industry economic factors and future profitability. During 2008, we recognized an impairment charge of $1,213.3 million related...

  • Page 57
    ... as part of a company-wide business review and an additional charge of $9 million to terminate certain existing commitments and to adjust the remaining commitments to current market values. During 2009, we plan to close additional retail stores in North America and Japan as well as distribution...

  • Page 58
    ... could require adjustments to the provision for returns. We also record reductions to our revenues for customer programs and incentive offerings including special pricing agreements, certain promotions and other volume-based incentives. Revenue from sales of extended warranty service plans is either...

  • Page 59
    ...for annual reporting periods beginning after December 15, 2008 and is to be applied prospectively. We have not yet completed our assessment of the impact FAS 160 will have on the presentation of our financial condition, results of operations or cash flows. In March 2008, the FASB issued Statement of...

  • Page 60
    ... for the company. In making the decision on which stores to close, we considered sales, operating profit, cash flow, condition of the shopping center, location of other stores in the proximity and customer demographics, among other factors. The stores to be closed are located in various geographic...

  • Page 61
    .... Supply chain consolidation (North America) - During 2009, our current plan is to close five distribution centers and one crossdock facility to streamline our supply chain. These facilities are near the end of their initial lease terms and projected closure costs total approximately $8 million...

  • Page 62
    ... identified above. Exit cost accruals related to the activities described above are as follows: (Dollars in millions) Beginning Balance Charges Incurred Cash Payments Non-cash settlements Ending Adjustments Balance 2008 Cost of goods sold ...$ One-time termination benefits ...Asset impairments and...

  • Page 63
    ... it remains a non-amortizing intangible asset. Other asset impairments At least annually, we review our stores for possible impairment. Impairment is assessed at the location level, considering the estimated undiscounted cash flows over the asset's remaining life. Our impairment analysis is based on...

  • Page 64
    ...goodwill by segment are listed below: North American Retail Division North American Business Solutions Division (Dollars in thousands) International Division Total Balance as of December 29, 2007 ...$ 2,315 $ 368,628 $ 2008 additions...- - Purchase price adjustments on 2007 acquisitions ...- 734...

  • Page 65
    ...to $1.25 billion. The amount that can be drawn on the Facility at any given time is determined based on percentages of certain accounts receivable, inventory and credit card receivables (the "Borrowing Base"). At December 27, 2008, the company was eligible to borrow approximately $1.0 billion of the...

  • Page 66
    ... and trade letter of credit issuances. In December 2008, the company's credit rating was downgraded which provided the counterparty to the company's private label credit card program the right to terminate the agreement and require the company to repurchase the outstanding balance of approximately...

  • Page 67
    ...the following: (Dollars in thousands) December 27, 2008 December 29, 2007 Self-insurance accruals ...Inventory...Vacation pay and other accrued compensation ...Allowance for bad debts ...Accruals for facility closings ...Accrued rebates...Deferred rent credit ...Foreign and state net operating loss...

  • Page 68
    ...(923) (2,297) $ 203,564 The following table summarizes the activity related to our unrecognized tax benefits during 2008 and 2007: (Dollars in thousands) 2008 2007 Beginning Balance...$ 110,407 $ 89,762 Additions based on tax positions related to the current year ...15,463 10,767 Additions for tax...

  • Page 69
    ...: Office Depot has a private label credit card program that is managed by a third-party financial services company. We transfer the credit card receivable balance each business day, with the difference between the transferred amount and the amount received recognized in store and warehouse operating...

  • Page 70
    ... loans, certain payments to foreign officials, inventory obsolescence and timing and recognition of vendor program funds. In early November 2007, two putative class action lawsuits were filed against the Company and certain of its executive officers alleging violations of the Securities Exchange Act...

  • Page 71
    ... must be issued at the market price on the date of the grant unless an employee owns 10% or more of Office Depot's outstanding common stock, in which case the option price must be at least 110% of the market price on the date of grant. Options granted under the Plan become exercisable from one to...

  • Page 72
    ... employee cost and fair value. Share needs associated with this plan were satisfied through open market purchases. This plan was terminated, effective December 31, 2008. Retirement Savings Plans Eligible company employees may participate in the Office Depot, Inc. Retirement Savings Plan (401(k) Plan...

  • Page 73
    ... these programs and certain international retirement savings plans. Pension Plan The company has a defined benefit pension plan covering a limited number of employees in Europe. During 2008, curtailment of that plan of was approved by the trustees and future service benefits ceased for the remaining...

  • Page 74
    ...position. The company will review the funding status with the regulator during 2010 and the incremental funding provisions may change in future periods. The pension plan was part of an entity acquired in 2003. The purchase and sale agreement included a provision whereby the seller is required to pay...

  • Page 75
    ... or outstanding. Treasury Stock The Office Depot board of directors has authorized a series of common stock repurchase plans, the latest of which is a $500 million authorization in 2007. Under these approved plans we purchased approximately 5.7 million shares at a cost of $199.6 million in 2007...

  • Page 76
    ...- SEGMENT INFORMATION Office Depot operates in three segments: North American Retail Division, North American Business Solutions Division, and International Division. Each of these segments is managed separately primarily because it serves a different customer group. The accounting policies for each...

  • Page 77
    ... of our joint ventures in Israel and China. During 2007, we acquired Axidata, Inc., a Canada-based office products delivery company, which is included in our North American Business Solutions Division. During 2006, we acquired all or a majority ownership position in four companies and increased our...

  • Page 78
    The following tables provide summarized unaudited information from the balance sheet and statement of earnings for Office Depot de Mexico: (Dollars in thousands) 2008 2007 2006 Statement of earnings: Sales ...$ 952,566 $ 850,824 $ 715,679 Gross profit...278,764 245,295 202,274 Net income ...69,651 ...

  • Page 79
    ... the consolidated financial statements of Office Depot, Inc. and subsidiaries (the "Company") as of December 27, 2008 and December 29, 2007, and for each of the three years in the period ended December 27, 2008, and the Company's internal control over financial reporting as of December 27, 2008, and...

  • Page 80
    INDEX TO FINANCIAL STATEMENT SCHEDULES Page Schedule II - Valuation and Qualifying Accounts and Reserves ...All other schedules have been omitted because they are not applicable, not required or the information is included elsewhere herein. 80 79

  • Page 81
    ...OFFICE DEPOT, INC. VALUATION AND QUALIFYING ACCOUNTS (In thousands) Column A Column B Balance at Beginning of Period Column C Additions- Charged to Expense Column D Deductions- Write-offs, Payments and Other Adjustments Column E Description Balance at End of Period Allowance for doubtful accounts...

  • Page 82
    ... 24, 2009) Offer Letter dated August 22, 2008, for the Employment of Michael Newman as the Chief Financial Officer of Office Depot, Inc.* (filed with Office Depot, Inc.'s Annual Report on Form 10-K filed with the SEC on February 24, 2009) Office Depot, Inc. 2007 Long-Term Incentive Plan* (5) 10.02...

  • Page 83
    ..., N.A. 2008 Office Depot, Inc. Bonus Plan for Executive Management Employees* (24) Letter of Resignation regarding Mr. Abelardo E. Bru's resignation from as the Board of Directors (20) List of Office Depot, Inc.'s Significant Subsidiaries Consent of Independent Registered Public Accounting Firm 82

  • Page 84
    ...(7) Incorporated by reference from Office Depot, Inc.'s Quarterly Report on Form 10-Q, filed with the SEC on October 31, 2000. (8) Incorporated by reference from the respective exhibit to Office Depot, Inc.'s Annual Report on Form 10-K for the year ended December 29, 2001 filed with the SEC on March...

  • Page 85
    ... filed with the SEC on March 14, 2008. (25) Incorporated by reference from Office Depot, Inc.'s Current Report on Form 8-K filed with the SEC on February 11, 2009. Upon request, we will furnish a copy of any exhibit to this report upon the payment of reasonable copying and mailing expenses...

  • Page 86
    ... Network ...China _____ (1) Includes 93 subsidiaries in the same line of business, including Office Depot International (UK) Limited, Office Depot International BV, Viking Direct B.V., Office Depot Cooperatief W.A., Office Depot Europe Holdings Limited, Office Depot (Holdings) Limited, Office Depot...

  • Page 87
    ... financial statement schedule of Office Depot, Inc. and the effectiveness of Office Depot's internal control over financial reporting appearing in this Annual Report on Form 10-K of Office Depot, Inc. for the year ended December 27, 2008. /s/DELOITTE & TOUCHE LLP Certified Public Accountants...

  • Page 88
    ... financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer...

  • Page 89
    ... financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer...

  • Page 90
    ... the Annual Report on Form 10-K of Office Depot, Inc. (the "Company") for the fiscal year ended December 27, 2008 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Steve Odland, as Chief Executive Officer of the Company, and Michael D. Newman, as Chief Financial...