Dillard's 2014 Annual Report Download - page 55

F-14
(in thousands of dollars) Retail Operations
Fiscal 2013
Construction Consolidated
Net sales from external customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,439,304 $ 92,343 $ 6,531,647
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,301,271 6,661 2,307,932
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,240 250 255,490
Interest and debt expense (income), net . . . . . . . . . . . . . . . . . . . . . . . . 64,572 (67) 64,505
Income before income taxes and income on and equity in losses of
joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,452 1,772 496,224
Income on and equity in losses of joint ventures . . . . . . . . . . . . . . . . . 847 — 847
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,011,771 38,968 4,050,739
(in thousands of dollars) Retail Operations
Fiscal 2012
Construction Consolidated
Net sales from external customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,489,366 $ 103,803 $ 6,593,169
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,340,754 5,307 2,346,061
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259,414 207 259,621
Interest and debt expense (income), net . . . . . . . . . . . . . . . . . . . . . . . . 69,719 (123) 69,596
Income before income taxes and income on and equity in losses of
joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479,181 569 479,750
Income on and equity in losses of joint ventures . . . . . . . . . . . . . . . . . 1,272 — 1,272
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,011,835 36,909 4,048,744
Intersegment construction revenues of $82.5 million, $35.0 million and $32.4 million were eliminated during
consolidation and have been excluded from net sales for fiscal years 2014, 2013 and 2012, respectively.
3. Revolving Credit Agreement
At January 31, 2015, the Company maintained a $1.0 billion revolving credit facility ("credit agreement") with J. P.
Morgan Securities LLC ("JPMorgan") and Wells Fargo Capital Finance, LLC as the agents for various banks, secured by the
inventory of Dillard's, Inc. operating subsidiaries. The credit agreement expires July 1, 2018. Borrowings under the credit
agreement accrue interest at either JPMorgan's Base Rate or LIBOR plus 1.5% (1.67% at January 31, 2015) subject to certain
availability thresholds as defined in the credit agreement.
Limited to 90% of the inventory of certain Company subsidiaries, availability for borrowings and letter of credit
obligations under the credit agreement was $932.2 million at January 31, 2015. No borrowings were outstanding at January 31,
2015. Letters of credit totaling $28.1 million were issued under this credit agreement leaving unutilized availability under the
facility of approximately $904 million at January 31, 2015. No borrowings were outstanding as of February 1, 2014. There are
no financial covenant requirements under the credit agreement provided that availability for borrowings and letters of credit
exceeds $100 million. The Company pays an annual commitment fee to the banks of 0.25% of the committed amount less
outstanding borrowings and letters of credit. The Company had weighted-average borrowings of $13.1 million and $45.5
million during fiscal 2014 and 2013, respectively.
4. Long-Term Debt
Long-term debt of $614.8 million was outstanding at January 31, 2015 and February 1, 2014. This debt consisted of
unsecured notes, bearing interest rates ranging from 6.63% to 7.88% and maturing during fiscal 2017 through fiscal 2028.
There are no financial covenants under any of the debt agreements.