Investment in Unconsolidated Joint Venture

3 Months Ended

Mar. 30, 2013

Investment in Unconsolidated Joint Venture

Note M – Investment in Unconsolidated Joint Venture

The Company participates in a joint venture in Mexico, Office Depot de Mexico. Because control is shared equally with a partner, this investment is accounted for using the equity method. The Company’s proportionate share of Office Depot de Mexico’s net income is presented in Miscellaneous income, net in the Condensed Consolidated Statements of Operations.

The following tables provide summarized information from the balance sheets and statements of income for Office Depot de Mexico:

(In thousands)	March 30, 2013		December 29, 2012		March 31, 2012
Current assets	$	357,421	$	377,405	$	336,265
Non-current assets		336,388		333,788		310,980
Current liabilities		175,194		219,774		206,220
Non-current liabilities		3,659		7,344		3,296

	First Quarter
(In thousands)	2013		2012
Sales	$	288,381	$	284,652
Gross profit		84,872		82,504
Net income		14,581		16,572