23. Split-off of Axis Business

On March 14, 2011, effective as of March 16, 2011, the Company's Board of Directors approved the split-off of certain subsidiaries of the Company that operate the distribution centers in Argentina, Chile, Colombia, Mexico and Venezuela (the "Axis Business"). The split-off was performed through the redemption of 41,882,966 shares (25,129,780 class A shares and 16,753,186 class B shares). As consideration for the redemption, the Company transferred to its shareholders its equity interests in the operating subsidiaries of the Axis Business totaling a net book value of $15,428 and an equity contribution that was made to the Axis holding company amounting to $29,830. This transaction did not have a material impact on the Company's consolidated financial statements.

Presented below is supplemental information about the net assets of the Axis Business that were deconsolidated as a result of the split-off:


		2011
Cash and cash equivalents	$	35,425
Other receivables		33,506
Inventories		27,686
Prepaid expenses and other current assets		3,211
Property and equipment, net		10,190
Deferred income taxes		4,225
Accounts payable		(53,868	)
Income taxes payable		(1,181	)
Other taxes payable		(2,148	)
Accrued payroll and other liabilities		(8,479	)
Intercompany payable		(3,309	)
Net book value	$	45,258