DSW 2014 Annual Report Download - page 63
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Table of Contents
As of January 31, 2015 and February 1, 2014, the Company had $9.3 million and $5.6 million, respectively, in outstanding letters of credit under the Letter
of Credit Agreement, and $11.5 million and $6.1 million, respectively, in restricted cash on deposit as collateral under the Letter of Credit Agreement. The
restricted cash balance is recorded in prepaid expenses and other current assets on the consolidated balance sheets.
WarrantsThe warrants originally issued by RVI on September 26, 2002 and updated on July 5, 2005 in connection with previously paid credit facilities
qualified as derivatives under ASC 815. In fiscal 2012, the Company issued 1.5 million of its Class B Common Shares, without par value, to the
Schottenstein Affiliates in connection with the exercise of its outstanding warrants. The Common Shares were issued at an exercise price of $5.17 per share,
for an aggregate cash purchase price of $7.8 million, and the Company paid accrued dividends of $1.5 million related to the special dividend issued on
September 30, 2011. In connection with this exercise and in addition to the purchase price, the Company reclassified $35.4 million from the warrant liability
to paid in capital during fiscal 2012. The change in fair value of derivative instruments on the Company's consolidated statements of operations was $6.1
million for the fiscal year ended February 2, 2013.
The balance sheet caption "Property and equipment, net" was comprised of the following as of the periods presented:
January 31, 2015
February 1, 2014
(in thousands)
Property and equipment:
Land
$ 1,110
$ 1,110
Furniture, fixtures and equipment
437,745
387,913
Buildings, building and leasehold improvements
353,283
325,340
Total property and equipment
792,138
714,363
Accumulated depreciation and amortization
(454,235)
(395,743)
Property and equipment, net
$ 337,903
$ 318,620
The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented:
January 31, 2015
February 1, 2014
(in thousands)
Gift cards and merchandise credits
$ 40,313
$ 37,651
Compensation
11,317
18,043
Taxes
16,798
13,581
Customer loyalty program
14,788
19,547
Other(1)
29,964
26,875
Total accrued expenses
$ 113,180
$ 115,697
(1) Other is comprised of deferred revenue, guarantees, sales return allowance and various other accrued expenses including advertising expenses,
professional fees and rent.
F- 23
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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