Dillard's 2002 Annual Report Download - page 39

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As of February 2, 2002, the Company had $300 million in off-balance-sheet receivable financing (See Note 15).
Building, land, and land improvements with a carrying value of $141.2 million at February 1, 2003 were pledged as collateral on the
mortgage notes. Maturities of long-term debt over the next five years are $139 million, $207 million, $297 million, $298 million and
$201 million. Outstanding letters of credit aggregated $95.5 million at February 1, 2003.
Interest and debt expense consists of the following:
Fiscal Fiscal Fiscal
(in thousands of dollars) 2002 2001 2000
Long-term debt:
Interest $166,093 $180,918 $215,103
Amortization of
debt expense 4,088 4,204 4,361
170,181 185,122 219,464
Interest on capital
lease obligations 2,354 2,560 2,772
Interest on receivable financing 10,405 14,054 16,135
Commercial paper
interest - - 909
$182,940 $201,736 $239,280
Interest paid during fiscal 2002, 2001 and 2000 was approximately $158.6 million, $208.9 million and $302.5 million, respectively.
The interest paid during fiscal 2002 does not include a $28.4 million interest payment made on February 3, 2003 that would have been
due on the last day of the Company’s fiscal year had the date fallen on a business day.
The Company has reclassified interest expense related to its receivable financing from other revenue to interest expense on its
consolidated statements of operations for all periods presented. The Company reclassified $11.3 million and $15.0 million for the
twelve-month periods ended February 2, 2002 and February 3, 2001, respectively.
5. Trade Accounts Payable and Accrued Expenses
Trade accounts payable and accrued expenses consist of the following:
(in thousands of dollars) February 1, 2003 February 2, 2002
Trade accounts payable $429,144 $562,516
Accrued expenses:
Taxes, other than income 66,890 73,025
Salaries, wages,
and employee benefits 53,560 51,281
Interest 46,138 20,488
Rent 11,685 13,454
Other 68,545 87,467
$675,962 $808,231
F-13