Dillard's 2003 Annual Report Download - page 44

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4. Long-term Debt
Long-term debt consists of the following:
(in thousands of dollars) January 31, 2004 February 1, 2003
Unsecured notes
at rates ranging from
6.30% to 9.50%,
due 2003 through 2028 $1,561,353 $1,823,429
Receivable financing facilities
at rates ranging from 1.4% to
3.8% due 2005 through 2006 400,000 400,000
Mortgage notes, payable
monthly or quarterly
(some with balloon payments)
through 2013 and bearing
interest at rates ranging from
7.25% to 13.25% 59,753 108,391
2,021,106 2,331,820
Current portion (166,041) (138,814)
$1,855,065 $2,193,006
Building, land, and land improvements with a carrying value of $39.6 million at January 31, 2004 were pledged as collateral on the
mortgage notes. Maturities of long-term debt over the next five years are $166 million, $292 million, $298 million, $201 million and
$201 million. Outstanding letters of credit aggregated $75.5 million at January 31, 2004.
Interest and debt expense consists of the following:
Fiscal Fiscal Fiscal
(in thousands of dollars) 2003 2002 2001
Long-term debt:
Interest $159,844 $166,093 $180,918
(Gain) loss on early retirement
of long-term debt - 6,839 (9,392)
Amortization of
debt expense 6,985 4,088 4,204
166,829 177,020 175,730
Interest on capital
lease obligations 2,202 2,354 2,560
Interest on receivable financing 12,034 10,405 14,054
$181,065 $189,779 $192,344
Interest paid during fiscal 2003, 2002 and 2001 was approximately $186.9 million, $158.6 million and $208.9 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 $11.3 million in interest expense related to its receivable financing from other revenue to interest
expense on its consolidated statements of operations for the fiscal year ended February 2, 2002.
The Company has reclassified $6.8 million to interest and debt expense from extraordinary loss for the year ended February 1, 2003,
and the Company has reclassified $9.4 million to interest and debt expense from extraordinary gain for the year ended February 2,
2002.
F-12