Comfort Inn 2004 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 2004 Comfort Inn 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 56

  • 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

CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
8. Accrued Expenses and Other
Accrued expenses and other consisted of the following at:
December 31,
2004 2003
(In thousands)
Deferred loyalty program revenue .............................. $20,317 $11,770
Accrued salaries and benefits .................................. 20,095 17,219
Dividends payable ........................................... 7,271 6,899
Deferred revenue ............................................ 2,029 4,475
Accrued interest ............................................. 1,261 1,392
Other liabilities and contingencies .............................. 8,265 4,310
Total ................................................. $59,238 $46,065
Other liabilities and contingencies include accruals for tax contingencies. These accruals have been recorded
to address potential exposures involving tax positions that could be challenged by taxing authorities.
9. Long-Term Debt
Debt consisted of the following at:
December 31,
2004 2003
(In thousands)
$265 million senior unsecured revolving credit facility with an effective rate of 3.42% at
December 31, 2004 ...................................................... $218,200 —
$265 million competitive advance and multi-currency revolving credit facility with an
effective rate of 2.29% at December 31, 2003 ................................. —$143,458
$100 million senior notes with an effective rate of 7.22% at December 31, 2004 and 2003 99,785 99,720
Line(s) of credit ($10 million and $20 million of aggregate borrowing capacity as of
December 31, 2004 and 2003, respectively) with an effective rate of 3.50% and 2.25%
at December 31, 2004 and 2003, respectively ................................. 10,000 2,600
Other notes with an average effective rate of 3.50% and 2.89% at December 31, 2004 and
2003, respectively ....................................................... 718 874
Total debt ............................................................ $328,703 $246,652
Scheduled principal maturities of debt as of December 31, 2004 were as follows:
Year (In thousands)
2005 ........................................................... $ 10,146
2006 ........................................................... 146
2007 ........................................................... 146
2008 ........................................................... 99,931
2009 ........................................................... 218,334
Total ........................................................... $328,703
In June 2001, the Company entered into a five-year competitive advance and multi-currency credit facility
(“Old Credit Facility”). The Old Credit Facility originally provided for a term loan of $150 million and a
F-30