Advance Auto Parts 2015 Annual Report Download - page 78

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
January 2, 2016, January 3, 2015 and December 28, 2013
(in thousands, except per share data)
F-24
6. Receivables, net:
Receivables consist of the following:
January 2,
2016
January 3,
2015
Trade $ 379,832 $ 360,922
Vendor 229,496 222,476
Other 14,218 12,579
Total receivables 623,546 595,977
Less: Allowance for doubtful accounts (25,758)(16,152)
Receivables, net $ 597,788 $ 579,825
7. Long-term Debt:
Long-term debt consists of the following:
January 2,
2016
January 3,
2015
Revolving facility at variable interest rates (2.05% and 2.45% at January 2, 2016
and January 3, 2015, respectively) due December 5, 2018 $ 80,000 $ 93,400
Term loan at variable interest rates (1.69% and 1.72% at January 2, 2016 and
January 3, 2015, respectively) due January 2, 2019 80,000 490,000
5.75% Senior Unsecured Notes (net of unamortized discount of $623 and $746 at
January 2, 2016 and January 3, 2015, respectively) due May 1, 2020 299,377 299,254
4.50% Senior Unsecured Notes (net of unamortized discount of $63 and $72 at
January 2, 2016 and January 3, 2015, respectively) due January 15, 2022 299,937 299,928
4.50% Senior Unsecured Notes (net of unamortized discount of $1,153 and
$1,271 at January 2, 2016 and January 3, 2015) due December 1, 2023 448,847 448,729
Other 5,598 5,582
1,213,759 1,636,893
Less: Current portion of long-term debt (598)(582)
Long-term debt, excluding current portion $ 1,213,161 $ 1,636,311
Bank Debt
The Company has a credit agreement (the "2013 Credit Agreement") which provides a $700,000 unsecured term loan and a
$1,000,000 unsecured revolving credit facility with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan
Chase Bank, N.A., as administrative agent. The revolving credit facility also provides for the issuance of letters of credit with a
sub-limit of $300,000 and swingline loans in an amount not to exceed $50,000. The Company may request, subject to
agreement by one or more lenders, that the total revolving commitment be increased by an amount not to exceed $250,000 by
those respective lenders (up to a total commitment of $1,250,000) during the term of the 2013 Credit Agreement. Voluntary
prepayments and voluntary reductions of the revolving balance are permitted in whole or in part, at the Company’s option, in
minimum principal amounts as specified in the 2013 Credit Agreement. Under the terms of the 2013 Credit Agreement, the
revolving credit facility terminates in December 2018 and the term loan matures in January 2019.
As of January 2, 2016, under the 2013 Credit Agreement, the Company had outstanding borrowings of $80,000 under the
revolver and $80,000 under the term loan. As of January 2, 2016, the Company also had letters of credit outstanding of
$118,622, which reduced the availability under the revolver to $801,378. The letters of credit generally have a term of one year
or less and primarily serve as collateral for the Company’s self-insurance policies.