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The accrual for
lease termination costs identified above was based on the future commitments
under contract, adjusted for anticipated sublease and termination benefits.
During 2001, an additional net $8.4 million was recorded to reflect
lower anticipated recoveries resulting from a softening in the market
for sublease space. Also in 2001, we recognized $15.9 million of charges
from settlement of certain legal claims and amortization of an existing
retention agreement.
In 1999 we increased
our provision for slow-moving and obsolete inventory in our warehouses
and stores by $56.1 million and recorded a $15.8 million provision for
extended warranty service plans.
Note
CMerger and Restructuring
In 1998 Office
Depot merged with Viking Office Products and in 1999 the Company acquired
full ownership interests in two previous joint ventures. In connection
with each of these combinations, plans were developed to integrate operations,
eliminate redundancies and streamline processes. The integration plans
relating to the Viking merger included opening certain domestic Customer
Service Centers (CSCs) and closing others, as well as the
installation of new systems in each surviving facility. After evaluating
the results of integrating two facilities, the plans were simplified.
In 1999, planned net closures were reduced and $28.6 million of previously
accrued integration costs were reversed. In 2000, under the direction
of a new management team, the integration plans were adjusted, and the
Viking-related merger costs were reduced
by a net $6.3 million to reflect fewer closures and to recognize added
personnel retention and termination costs.
Separate integration
plans were developed relating to the acquisition of additional joint
venture interests in France and Japan. Approximately $23.5 million was
accrued in 1999 relating to the integration and restructuring of these
operations, primarily related to personnel retention and severance,
facility closures and related lease termination costs. Of this amount,
$0.7 million was reversed in 2000 as portions of the restructuring were
completed.
As a result of
the focus on continued growth of the core business and on expanding
international operations, the Company decided in 1998 to close its photocopy
stores and certain furniture-related retail operations. As actual costs
relating to the closure process were incurred, and to adjust estimated
lease costs, approximately $2.0 million of accrued costs were reversed
in 1999 and an additional $0.2 million recorded in 2000.
At year-end 2001
and 2000, approximately $4.9 and $3.9 million, respectively, remained
accrued for merger and restructuring costs, primarily relating to residual
lease termination costs, the unamortized portion of an employee retention
agreement and other identified commitments. Charges recorded in 2001
primarily relate to additional lease accruals from a softening in the
market for real estate subleases and for employee retention agreement
amortization. Amounts expensed for asset write-offs are recorded as
a reduction of fixed assets; all other amounts are recorded as accrued
expenses. The activity in the liability accounts by cost category is
as follows:

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