CarMax 2010 Annual Report Download - page 44

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34
(In thousands)
CURRENT ASSETS:
Cash and cash equivalents $ 18,278 $ ― $ ― $ 18,278
Restricted cash ― 162,608 ― 162,608
Accounts receivable, net 99,434 (20,375) ― 79,059
Auto loan receivables held for sale 30,578 (30,578) ― ―
Retained interes t in s ecuritized receivables 552,377 (508,631) ― 43,746
Inventory 843,133 ― ― 843,133
Deferred tax asset 5,595 ― ― 5,595
Prepaid expenses and other current assets 7,017 ― ― 7,017
TOTAL CURRENT AS S ETS
1,556,412 (396,976) ― 1,159,436
Auto loan receivables, net
(1)
― 3,712,595 331,000 4,043,595
Property and equipment, net 893,453 ― ― 893,453
Deferred income taxes 57,234 54,850 ― 112,084
Other as sets 49,092 43,835 ― 92,927
TOTAL ASS ETS
$ 2,556,191 $ 3,414,304 $ 331,000 $ 6,301,495
CURRENT LIABILITIES:
Accounts payable $ 253,267 $ 6,544 $ ― $ 259,811
Accrued expens es and other current liabilities 94,557 5,584 ― 100,141
Accrued income taxes 6,327 ― ― 6,327
Short-term debt 883 ― ― 883
Current portion of long-term debt 122,317 ― ― 122,317
Current portion of non-recourse notes payable
(1)
― 134,798 ― 134,798
TOTAL CURRENT LIAB ILITIES
477,351 146,926 ― 624,277
Long-term debt, excluding current portion 27,371 ― ― 27,371
Non-recourse notes payable
(1)
― 3,360,612 331,000 3,691,612
Deferred revenue and other liabilities 117,887 ― ― 117,887
TOTAL LIAB ILITIES
622,609 3,507,538 331,000 4,461,147
TOTAL SHAREHOLDERS ’ EQUITY
1,933,582 (93,234) ― 1,840,348
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 2,556,191 $ 3,414,304 $ 331,000 $ 6,301,495
2010
Mar ch 1 ,
(Unaudited)
Actual
February 28,
2010
Proforma Adjustments Pro forma
Change
Accounting Amended
Agreement
(1) When presented in our consolidated financial statements beginning in the first quarter of fiscal 2011, the assets and liabilities
of the securitization trusts will be separately presented on the face of the consolidated balance sheet, as required by ASU
2009-17, to reflect the fact that trust assets can be used only to settle trust obligations and that the trusts’ creditors (or
beneficial interest holders) do not have recourse to the general credit of CarMax.
The pro forma consolidated balance sheet as of March 1, 2010, shown above, includes the following adjustments:
• Consolidation of the auto loan receivables and the related non-recourse notes payable funded in existing term
securitizations.
• Consolidation of the auto loan receivables and the related non-recourse notes payable funded in the
warehouse facility as of March 1, 2010.
• Recognition of a reserve for credit losses on the consolidated auto loan receivables.
• Consolidation of customer loan payments received but not yet distributed by the securitization trusts. These
payments are included in restricted cash.
• Reclassification of auto loan receivables held for sale to auto loans receivable.
• Reclassification of certain balances previously included in retained interest in securitized receivables that
relate to existing term securitizations.