CarMax 2009 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2009 CarMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

41
CONSOLIDATED BALANCE SHEETS
As of February 28 or 29
(In thousands except share data) 2009 2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ...................................................................................... $ 140,597 $ 12,965
Accounts receivable, net......................................................................................... 75,876 73,228
Auto loan receivables held for sale......................................................................... 9,748 4,984
Retained interest in securitized receivables............................................................ 348,262 270,761
Inventory ................................................................................................................ 703,157 975,777
Prepaid expenses and other current assets.............................................................. 10,112 19,210
TOTAL CURRENT ASSETS............................................................................................. 1,287,752 1,356,925
Property and equipment, net................................................................................... 938,259 862,497
Deferred income taxes............................................................................................ 103,163 67,066
Other assets............................................................................................................. 50,013 46,673
TOTAL ASSETS ........................................................................................................... $ 2,379,187 $ 2,333,161
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable ................................................................................................... $ 237,312 $ 306,013
Accrued expenses and other current liabilities ....................................................... 55,793 58,054
Accrued income taxes............................................................................................. 26,551 7,569
Deferred income taxes............................................................................................ 12,129 17,710
Short-term debt....................................................................................................... 878 21,017
Current portion of long-term debt .......................................................................... 158,107 79,661
TOTAL CURRENT LIABILITIES ...................................................................................... 490,770 490,024
Long-term debt, excluding current portion............................................................. 178,062 227,153
Deferred revenue and other liabilities..................................................................... 117,288 127,058
TOTAL LIABILITIES .................................................................................................... 786,120 844,235
Commitments and contingent liabilities .................................................................
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized;
220,392,014 and 218,616,069 shares issued and outstanding as of
February 28, 2009, and February 29, 2008, respectively.................................... 110,196 109,308
Capital in excess of par value................................................................................. 685,938 641,766
Accumulated other comprehensive loss ................................................................. (16,860) (16,728)
Retained earnings ................................................................................................... 813,793 754,580
TOTAL SHAREHOLDERS’ EQUITY.................................................................................. 1,593,067 1,488,926
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY ......................................................... $ 2,379,187 $ 2,333,161
See accompanying notes to consolidated financial statements.