Staples 2013 Annual Report Download - page 155
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STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
C-24
As of February 1, 2014, Staples had contractual purchase obligations that are not reflected in the Company's consolidated
balance sheets totaling $564.8 million. Many of the Company's purchase commitments may be canceled by the Company without
advance notice or payment and, accordingly, the Company has excluded such commitments from the following schedule. Contracts
that may be terminated by the Company without cause or penalty, but that require advance notice for termination, are valued on
the basis of an estimate of what the Company would owe under the contract upon providing notice of termination. Expected
payments related to such purchase obligations are as follows (in thousands):
Fiscal Year: Total
2014 $ 429,991
2015 42,516
2016 30,911
2018 16,852
2019 11,744
Thereafter 32,748
$ 564,762
Letters of credit are issued by Staples during the ordinary course of business through major financial institutions as
required by certain vendor contracts. As of February 1, 2014, Staples had open standby letters of credit totaling $105.8 million.
Legal Proceedings
From time to time, the Company is involved in litigation arising from the operation of its business that is considered
routine and incidental to its business. The company estimates exposures and establishes reserves for amounts that are probable
and can be reasonably estimated. However, litigation is inherently unpredictable and the outcome of legal proceedings and other
contingencies could be unexpected or differ from the Company’s reserves. The Company does not believe it is reasonably possible
that a loss in excess of the amounts recognized in the consolidated financial statements as of February 1, 2014 would have a
material adverse effect on its business, results of operations or financial condition.