CarMax 2007 Annual Report Download - page 49

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39
CONSOLIDATED BALANCE SHEETS
At February 28
(In thousands except share data) 2007 2006
Restated (1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ...................................................................................... $ 19,455 $ 21,759
Accounts receivable, net......................................................................................... 71,413 76,621
Automobile loan receivables held for sale.............................................................. 6,162 4,139
Retained interest in securitized receivables............................................................ 202,302 158,308
Inventory ................................................................................................................ 836,116 669,700
Prepaid expenses and other current assets.............................................................. 15,068 11,211
TOTAL CURRENT ASSETS............................................................................................. 1,150,516 941,738
Property and equipment, net................................................................................... 651,850 499,298
Deferred income taxes............................................................................................ 40,174 24,576
Other assets............................................................................................................. 43,033 44,000
TOTAL ASSETS ........................................................................................................... $1,885,573 $1,509,612
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable ................................................................................................... $ 254,895 $ 188,614
Accrued expenses and other current liabilities ....................................................... 68,885 66,871
Accrued income taxes............................................................................................. 23,377 5,598
Deferred income taxes............................................................................................ 13,132 23,562
Short-term debt....................................................................................................... 3,290 463
Current portion of long-term debt .......................................................................... 148,443 59,762
TOTAL CURRENT LIABILITIES ...................................................................................... 512,022 344,870
Long-term debt, excluding current portion............................................................. 33,744 134,787
Deferred revenue and other liabilities..................................................................... 92,432 49,852
TOTAL LIABILITIES .................................................................................................... 638,198 529,509
Commitments and contingent liabilities ................................................................. — —
SHAREHOLDERS’ EQUITY (2):
Common stock, $0.50 par value; 350,000,000 shares authorized;
216,028,166 and 209,909,966 shares issued and outstanding at
February 28, 2007 and 2006, respectively .......................................................... 108,014 104,954
Capital in excess of par value................................................................................. 587,546 501,599
Accumulated other comprehensive loss ................................................................. (20,332) —
Retained earnings ................................................................................................... 572,147 373,550
TOTAL SHAREHOLDERS’ EQUITY.................................................................................. 1,247,375 980,103
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY ......................................................... $1,885,573 $1,509,612
(1) Restated to reflect the impact of adopting SFAS 123(R). See Notes 2(A) and 10(C) for additional information.
(2) Share amounts have been adjusted for the effect of the 2-for-1 stock split in March 2007. See Note 2(A) for additional
information.
See accompanying notes to consolidated financial statements.