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Guarantor Subsidiaries (Tables)
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6 Months Ended |
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Jul. 30, 2011
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| Guarantor Subsidiaries Disclosure [Abstract] |
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| 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 |
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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 |
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| 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 |
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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 |
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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 |
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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 |
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| 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: | |
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| | |
| | |
| 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: | |
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| | |
| | |
| 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 |
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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: | |
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| | |
| | |
| 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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