Staples 2007 Annual Report Download - page 91

(3) On June 14, 2007, we announced that our Board of Directors approved the repurchase of up to $1.5 billion of
common stock. Our existing October 2005 share repurchase program was terminated and replaced by our June 2007
share repurchase program, effective as of the stock market opening on July 9, 2007. The June 2007 share repurchase
program has no expiration date.
Other Information
For information regarding securities authorized for issuance under our equity compensation plans, please see
Note H in the Notes to the Consolidated Financial Statements contained in this Annual Report on Form 10-K.
At February 29, 2008, the number of holders of record of our common stock was 6,765.
Item 6. Selected Financial Data
The information required by this Item is attached as Appendix A.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information required by this Item is attached as part of Appendix B.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
The information required by this Item is attached as part of Appendix B under the caption ‘‘Quantitative and
Qualitative Disclosures about Market Risks’’.
Item 8. Financial Statements and Supplementary Data
The information required by this Item is attached as Appendix C.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
1. Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s chief executive officer and chief financial
officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of February 2, 2008. The term
‘‘disclosure controls and procedures,’’ as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means
controls and other procedures of a company that are designed to ensure that information required to be disclosed by a
company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the
reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management,
including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding
required disclosure. Management recognizes that any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its
judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of the
Company’s disclosure controls and procedures as of February 2, 2008, the Company’s chief executive officer and chief
financial officer concluded that, as of such date, the Company’s disclosure controls and procedures were effective at the
reasonable assurance level.
2. Internal Control over Financial Reporting
(a) Management’s Annual Report on Internal Control Over Financial Reporting
The management of Staples is responsible for establishing and maintaining adequate internal control over
financial reporting for the Company. Internal control over financial reporting is defined in Rule 13a-15(f) or
15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the
company’s principal executive and principal financial officers and effected by the company’s board of directors,
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