Cabela's 2010 Annual Report Download - page 94

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84
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Cash Flows from Securitizations:
The following table summarizes the cash flows received from the Trust during the years ended:
2009 2008
Proceeds from new securitizations $ 207,312 $292,687
Collections used by the Trust to purchase new balances in revolving
credit card securitizations 8,949,075 8,929,868
Servicing fees received 40,144 36,315
Other cash flows received by the transferor other than servicing fees 191,600 187,590
Key Assumptions:
The following were the key economic assumptions used to estimate the fair value of the interest-only strip,
cash reserve, and cash accounts resulting from the securitization of credit card loans for 2009:
Weighted average payment rates 25.14 to 27.16%
Weighted average life in years 0.750 to 0.833
Weighted average expected credit losses 6.78 to 8.04%
Servicing fee 2.00%
Discount rate 11.00 to 16.22%
Weighted average interest rate paid to investors 4.25 to 4.65%
6. PROPERTY AND EQUIPMENT
Property and equipment consisted of the following at the years ended:
Depreciable Life
in Years 2010 2009
Land and improvements Up to 20 $ 169,398 $164,284
Buildings and improvements 7 to 40 500,193 494,600
Furniture, fixtures and equipment 3 to 15 444,948 400,860
Assets held under capital lease Up to 30 14,363 14,562
Property and equipment 1,128,902 1,074,306
Less accumulated depreciation and amortization (363,608)(302,962)
765,294 771,344
Construction in progress 52,653 40,421
$817,947 $811,765