Staples 2012 Annual Report Download - page 153
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C-41
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
non-recurring items and the impact of changes in accounting principles ("business unit income"). Intersegment sales and transfers
are recorded at Staples' cost; therefore, there is no intercompany profit or loss recognized on these transactions. The accounting
policies of the reportable segments are the same as those described in the summary of significant accounting policies in Note A -
Summary of Significant Accounting Policies.
Staples' North American Stores & Online and North American Commercial segments are managed separately because
the way they sell and market products is different and the classes of customers they service are different. The International Operations
are considered a separate reportable segment because of the significant differences in the operating environment from the North
American operations.
The following is a summary of sales, business unit income, and significant accounts and balances by reportable segment
(in thousands):
2012 2011 2010
Sales:
North American Stores & Online $ 11,827,906 $ 11,741,998 $ 11,541,500
North American Commercial 8,108,402 7,974,860 7,837,475
International Operations 4,444,202 4,947,894 4,756,278
Total segment sales $ 24,380,510 $ 24,664,752 $ 24,135,253
Business Unit Income:
North American Stores & Online $ 987,025 $ 1,021,442 $ 965,089
North American Commercial 680,011 660,822 646,462
International Operations (21,146) 103,329 176,442
Business unit income $ 1,645,890 $ 1,785,593 $ 1,787,993
Depreciation & Amortization:
North American Stores & Online $ 222,381 $ 225,019 $ 241,266
North American Commercial 123,890 124,692 133,871
International Operations 141,042 132,345 123,726
Total depreciation & amortization $ 487,313 $ 482,056 $ 498,863
Capital Expenditures:
North American Stores & Online $ 197,025 $ 193,958 $ 228,583
North American Commercial 94,976 106,989 95,492
International Operations 57,573 82,707 84,814
Total capital expenditures $ 349,574 $ 383,654 $ 408,889
The following is a reconciliation of total business unit income to consolidated income before income taxes (in thousands):
2012 2011 2010
Total business unit income $ 1,645,890 $ 1,785,593 $ 1,787,993
Equity compensation (117,813)(151,822)(146,879)
Impairment of goodwill and long-lived assets (810,996)— —
Integration and restructuring costs (207,016)—
(57,765)
Interest and other expense, net (244,642)(169,127)(216,812)
Income from continuing operations before income taxes $ 265,423 $ 1,464,644 $ 1,366,537