v2.3.0.11

Guarantor Subsidiaries (Tables) | 6 Months Ended
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Jul. 30, 2011
Guarantor Subsidiaries Disclosure [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of July 30, 2011 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash and cash equivalents | $ | 135,397 |  |  | $ | 46,720 |  |  | $ | 641,007 |  |  | $ | — |  |  | $ | 823,124 |
Merchandise inventories, net | — |  |  | 1,567,874 |  |  | 1,116,002 |  |  | — |  |  | 2,683,876 |
Other current assets | 396,267 |  |  | 1,134,647 |  |  | 1,147,501 |  |  | — |  |  | 2,678,415 |
Total current assets | 531,664 |  |  | 2,749,241 |  |  | 2,904,510 |  |  | — |  |  | 6,185,415 |
Net property, equipment and other assets | 748,902 |  |  | 1,124,040 |  |  | 1,451,332 |  |  | — |  |  | 3,324,274 |
Goodwill | 1,617,937 |  |  | 156,303 |  |  | 2,397,291 |  |  | — |  |  | 4,171,531 |
Investment in affiliates and intercompany, net | 6,488,004 |  |  | 5,220,778 |  |  | 7,898,838 |  |  | (19,607,620 | ) |  | — |
Total assets | $ | 9,386,507 |  |  | $ | 9,250,362 |  |  | $ | 14,651,971 |  |  | $ | (19,607,620 | ) |  | $ | 13,681,220 |
Total current liabilities | $ | 537,997 |  |  | $ | 1,774,964 |  |  | $ | 1,623,064 |  |  | $ | — |  |  | $ | 3,936,025 |
Total long-term liabilities | 1,728,858 |  |  | 497,474 |  |  | 399,211 |  |  | — |  |  | 2,625,543 |
Total stockholders' equity | 7,119,652 |  |  | 6,977,924 |  |  | 12,629,696 |  |  | (19,607,620 | ) |  | 7,119,652 |
Total liabilities and stockholders' equity | $ | 9,386,507 |  |  | $ | 9,250,362 |  |  | $ | 14,651,971 |  |  | $ | (19,607,620 | ) |  | $ | 13,681,220 |
Condensed Consolidating Balance Sheet As of January 29, 2011 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash and cash equivalents | $ | 406,821 |  |  | $ | 38,298 |  |  | $ | 1,016,138 |  |  | $ | — |  |  | $ | 1,461,257 |
Merchandise inventories, net | — |  |  | 1,396,667 |  |  | 962,506 |  |  | — |  |  | 2,359,173 |
Other current assets | 64,699 |  |  | 1,147,433 |  |  | 1,435,605 |  |  | — |  |  | 2,647,737 |
Total current assets | 471,520 |  |  | 2,582,398 |  |  | 3,414,249 |  |  | — |  |  | 6,468,167 |
Net property, equipment and other assets | 742,833 |  |  | 1,246,194 |  |  | 1,381,311 |  |  | — |  |  | 3,370,338 |
Goodwill | 1,617,937 |  |  | 154,527 |  |  | 2,300,698 |  |  | — |  |  | 4,073,162 |
Investment in affiliates and intercompany, net | 6,691,832 |  |  | 4,783,397 |  |  | 7,001,204 |  |  | (18,476,433 | ) |  | — |
Total assets | $ | 9,524,122 |  |  | $ | 8,766,516 |  |  | $ | 14,097,462 |  |  | $ | (18,476,433 | ) |  | $ | 13,911,667 |
Total current liabilities | $ | 875,100 |  |  | $ | 1,454,741 |  |  | $ | 1,963,752 |  |  | $ | — |  |  | $ | 4,293,593 |
Total long-term liabilities | 1,697,841 |  |  | 562,027 |  |  | 407,025 |  |  | — |  |  | 2,666,893 |
Total stockholders' equity | 6,951,181 |  |  | 6,749,748 |  |  | 11,726,685 |  |  | (18,476,433 | ) |  | 6,951,181 |
Total liabilities and stockholders' equity | $ | 9,524,122 |  |  | $ | 8,766,516 |  |  | $ | 14,097,462 |  |  | $ | (18,476,433 | ) |  | $ | 13,911,667 |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income For the thirteen weeks ended July 30, 2011 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 3,495,872 |  |  | $ | 2,323,740 |  |  | $ | — |  |  | $ | 5,819,612 |
Cost of goods sold and occupancy costs | 3,413 |  |  | 2,635,730 |  |  | 1,640,089 |  |  | — |  |  | 4,279,232 |
Gross profit | (3,413 | ) |  | 860,142 |  |  | 683,651 |  |  | — |  |  | 1,540,380 |
Operating and other expenses (income) | (179,851 | ) |  | 743,139 |  |  | 532,010 |  |  | 207,678 |  |  | 1,302,976 |
Consolidated income before income taxes | 176,438 |  |  | 117,003 |  |  | 151,641 |  |  | (207,678 | ) |  | 237,404 |
Income tax expense | — |  |  | 53,971 |  |  | 7,133 |  |  | — |  |  | 61,104 |
Consolidated net income | 176,438 |  |  | 63,032 |  |  | 144,508 |  |  | (207,678 | ) |  | 176,300 |
Loss attributed to the noncontrolling interests | — |  |  | — |  |  | (138 | ) |  | — |  |  | (138 | )
Net income attributed to Staples, Inc. | $ | 176,438 |  |  | $ | 63,032 |  |  | $ | 144,646 |  |  | $ | (207,678 | ) |  | $ | 176,438 |
Condensed Consolidating Statement of Income For the thirteen weeks ended July 31, 2010 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 3,388,461 |  |  | $ | 2,145,779 |  |  | $ | — |  |  | $ | 5,534,240 |
Cost of goods sold and occupancy costs | 2,948 |  |  | 2,563,640 |  |  | 1,504,944 |  |  | — |  |  | 4,071,532 |
Gross profit | (2,948 | ) |  | 824,821 |  |  | 640,835 |  |  | — |  |  | 1,462,708 |
Operating and other expenses (income) | (132,704 | ) |  | 713,255 |  |  | 501,526 |  |  | 168,360 |  |  | 1,250,437 |
Consolidated income before income taxes | 129,756 |  |  | 111,566 |  |  | 139,309 |  |  | (168,360 | ) |  | 212,271 |
Income tax expense | — |  |  | 50,791 |  |  | 28,811 |  |  | — |  |  | 79,602 |
Consolidated net income | 129,756 |  |  | 60,775 |  |  | 110,498 |  |  | (168,360 | ) |  | 132,669 |
Income attributed to the noncontrolling interests | — |  |  | — |  |  | 2,913 |  |  | — |  |  | 2,913 |
Net income attributed to Staples, Inc. | $ | 129,756 |  |  | $ | 60,775 |  |  | $ | 107,585 |  |  | $ | (168,360 | ) |  | $ | 129,756 |
Condensed Consolidating Statement of Income For the twenty-six weeks ended July 30, 2011 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 7,254,520 |  |  | $ | 4,738,030 |  |  | $ | — |  |  | $ | 11,992,550 |
Cost of goods sold and occupancy costs | 5,927 |  |  | 5,433,779 |  |  | 3,376,071 |  |  | — |  |  | 8,815,777 |
Gross profit | (5,927 | ) |  | 1,820,741 |  |  | 1,361,959 |  |  | — |  |  | 3,176,773 |
Operating and other expenses (income) | (380,610 | ) |  | 1,492,499 |  |  | 1,086,661 |  |  | 439,014 |  |  | 2,637,564 |
Consolidated income before income taxes | 374,683 |  |  | 328,242 |  |  | 275,298 |  |  | (439,014 | ) |  | 539,209 |
Income tax expense | — |  |  | 145,180 |  |  | 20,047 |  |  | — |  |  | 165,227 |
Consolidated net income | 374,683 |  |  | 183,062 |  |  | 255,251 |  |  | (439,014 | ) |  | 373,982 |
Loss attributed to the noncontrolling interests | — |  |  | — |  |  | (701 | ) |  | — |  |  | (701 | )
Net income attributed to Staples, Inc. | $ | 374,683 |  |  | $ | 183,062 |  |  | $ | 255,952 |  |  | $ | (439,014 | ) |  | $ | 374,683 |
Condensed Consolidating Statement of Income For the twenty-six weeks ended July 31, 2010 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 7,059,955 |  |  | $ | 4,532,080 |  |  | $ | — |  |  | $ | 11,592,035 |
Cost of goods sold and occupancy costs | 5,908 |  |  | 5,309,352 |  |  | 3,195,012 |  |  | — |  |  | 8,510,272 |
Gross profit | (5,908 | ) |  | 1,750,603 |  |  | 1,337,068 |  |  | — |  |  | 3,081,763 |
Operating and other expenses (income) | (324,434 | ) |  | 1,451,179 |  |  | 1,072,513 |  |  | 362,262 |  |  | 2,561,520 |
Consolidated income before income taxes | 318,526 |  |  | 299,424 |  |  | 264,555 |  |  | (362,262 | ) |  | 520,243 |
Income tax expense | — |  |  | 128,508 |  |  | 66,584 |  |  | — |  |  | 195,092 |
Consolidated net income | 318,526 |  |  | 170,916 |  |  | 197,971 |  |  | (362,262 | ) |  | 325,151 |
Income attributed to the noncontrolling interests | — |  |  | — |  |  | 6,625 |  |  | — |  |  | 6,625 |
Net income attributed to Staples, Inc. | $ | 318,526 |  |  | $ | 170,916 |  |  | $ | 191,346 |  |  | $ | (362,262 | ) |  | $ | 318,526 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the twenty-six weeks ended July 30, 2011 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Cash provided by operating activities | $ | 460,425 |  |  | $ | 87,077 |  |  | $ | (245,338 | ) |  | $ | 302,164 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment | (16,962 | ) |  | (78,979 | ) |  | (68,208 | ) |  | (164,149 | )
Cash used in investing activities | (16,962 | ) |  | (78,979 | ) |  | (68,208 | ) |  | (164,149 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of commercial paper, net of repayments | 254,926 |  |  | — |  |  | — |  |  | 254,926 |
Proceeds from borrowings | 21,544 |  |  | — |  |  | 96,630 |  |  | 118,174 |
Payments on borrowings, including payment of deferred financing fees | (517,641 | ) |  | — |  |  | (180,990 | ) |  | (698,631 | )
Purchase of treasury stock, net | (365,203 | ) |  | — |  |  | — |  |  | (365,203 | )
Excess tax benefits from stock-based compensation arrangements | 571 |  |  | 324 |  |  | 47 |  |  | 942 |
Cash dividends paid | (140,643 | ) |  | — |  |  | — |  |  | (140,643 | )
Proceeds from the exercise of stock options and the sale of stock under employee stock purchase plans | 31,559 |  |  | — |  |  | — |  |  | 31,559 |
Cash (used in) provided by financing activities | (714,887 | ) |  | 324 |  |  | (84,313 | ) |  | (798,876 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 22,728 |  |  | 22,728 |
Net (decrease) increase in cash and cash equivalents | (271,424 | ) |  | 8,422 |  |  | (375,131 | ) |  | (638,133 | )
Cash and cash equivalents at beginning of period | 406,821 |  |  | 38,298 |  |  | 1,016,138 |  |  | 1,461,257 |
Cash and cash equivalents at end of period | $ | 135,397 |  |  | $ | 46,720 |  |  | $ | 641,007 |  |  | $ | 823,124 |
Condensed Consolidating Statement of Cash Flows For the twenty-six weeks ended July 31, 2010 (in thousands)
| Staples, Inc. (Parent Co.) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Cash provided by operating activities | $ | 116,179 |  |  | $ | 79,961 |  |  | $ | 49,286 |  |  | $ | 245,426 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment | (24,749 | ) |  | (83,332 | ) |  | (42,638 | ) |  | (150,719 | )
Acquisition of businesses, net of cash acquired | — |  |  | — |  |  | (39,270 | ) |  | (39,270 | )
Cash used in investing activities | (24,749 | ) |  | (83,332 | ) |  | (81,908 | ) |  | (189,989 | )
Financing activities: |  |  |  |  |  |  |  |  |  | 0 |
Proceeds from borrowings | 34,867 |  |  | — |  |  | 61,022 |  |  | 95,889 |
Payments on borrowings, including payment of deferred financing fees | (113,327 | ) |  | — |  |  | — |  |  | (113,327 | )
Purchase of treasury stock, net | (128,745 | ) |  | — |  |  | — |  |  | (128,745 | )
Cash dividends paid | (130,100 | ) |  | — |  |  | — |  |  | (130,100 | )
Purchase of noncontrolling interest | — |  |  | — |  |  | (345,963 | ) |  | (345,963 | )
Proceeds from the exercise of stock options and the sale of stock under employee stock purchase plans | 38,443 |  |  | — |  |  | — |  |  | 38,443 |
Cash used in financing activities | (298,862 | ) |  | — |  |  | (284,941 | ) |  | (583,803 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (15,493 | ) |  | (15,493 | )
Net decrease in cash and cash equivalents | (207,432 | ) |  | (3,371 | ) |  | (333,056 | ) |  | (543,859 | )
Cash and cash equivalents at beginning of period | 581,095 |  |  | 54,324 |  |  | 780,400 |  |  | 1,415,819 |
Cash and cash equivalents at end of period | $ | 373,663 |  |  | $ | 50,953 |  |  | $ | 447,344 |  |  | $ | 871,960 |

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