CarMax 2012 Annual Report Download - page 52

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46
(In thousands except per share data)
Selling, general and administrative expens es 818,691$ (26,490)$ 792,201$
Interest expense 3,460$ 32,534$ 35,994$
Earnings before income taxes 452,496$ (6,044)$ 446,452$
Income tax provision 170,828$ (2,220)$ 168,608$
Net earnings 281,668$ (3,824)$ 277,844$
Net Earnings Per Share:
Bas ic 1.27$ (0.02)$ 1.25$
Diluted 1.26$ (0.02)$ 1.24$
Ye ar Ende d Fe br uar y 2 8 , 2 0 1 0
Reported
Previously
Adjustments Revised
CONSOLIDATED BALANCE SHEET
(In thousands)
Property and equipment, net 920,045$ 255,272$ 1,175,317$
Deferred income taxes 92,278$ 31,407$ 123,685$
Other as sets 96,913$ (1,039)$ 95,874$
Accrued expenses and other current liabilities 103,389$ 2,609$ 105,998$
Current portion of long-term debt 772$ (772)$ ʊ$
Current portion of finance and capital lease obligations ʊ$ 12,617$ 12,617$
Long-term debt, excluding current portion 28,350$ (28,350)$ ʊ$
Finance and capital lease obligations, excluding current
portion ʊ$ 367,617$ 367,617$
Other liabilities 130,570$ (15,700)$ 114,870$
Retained earnings 1,383,105$ (52,381)$ 1,330,724$
Reported Adjustments Revised
As of February 28, 2011
Previously
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Net cas h us ed in operating activities (17,198)$ 10,440$ (6,758)$
Net cash provided by financing activities 112,253$ (10,440)$ 101,813$
Increase in cash and cash equivalents 22,843$ ʊ$ 22,843$
Previously
Reported Adjustments Revised
Ye ar Ende d Fe bruar y 2 8 , 2 0 1 1
(In thousands)
Net cash provided by operating activities 50,290$ 9,232$ 59,522$
Net cas h us ed in financing activities (151,288)$ (9,232)$ (160,520)$
Decreas e in cas h and cas h equivalents (122,319)$ ʊ$ (122,319)$
Previously
Reported Adjustments Revised
Ye ar Ende d Fe br uar y 2 8 , 2 0 1 0
(L) Other Accrued Expenses
As of February 29, 2012 and February 28, 2011, accrued expenses and other current liabilities included accrued
compensation and benefits of $87.9 million and $65.9 million, respectively, and loss reserves for general liability
and workers’ compensation insurance of $23.0 million and $21.6 million, respectively.
(M) Defined Benefit Plan Obligations
The recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and
other current liabilities and in other liabilities. The current portion represents benefits expected to be paid from our
benefit restoration plan over the next 12 months. The defined benefit retirement plan obligations are determined by
independent actuaries using a number of assumptions provided by CarMax. Key assumptions used in measuring the
plan obligations include the discount rate, rate of return on plan assets and mortality rate.