Dillard's 2015 Annual Report Download - page 31

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25
Interest and Debt Expense, Net
(in thousands of dollars) Fiscal 2015 Fiscal 2014 Fiscal 2013
Interest and debt expense (income), net:
Retail operations segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,989 $ 61,352 $ 64,572
Construction segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66)(46)(67)
Total interest and debt expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,923 $ 61,306 $ 64,505
2015 Compared to 2014
Net interest and debt expense declined $0.4 million in fiscal 2015 compared to fiscal 2014 primarily due to an increase in
capitalized interest and a decrease in credit facility commitment fees, partially offset by an increase in short term borrowings.
Total weighted average debt outstanding during fiscal 2015 increased approximately $28.2 million compared to fiscal 2014,
due to an increase in short term borrowings of the credit facility.
2014 Compared to 2013
Net interest and debt expense declined $3.2 million in fiscal 2014 compared to fiscal 2013 primarily due to an increase in
capitalized interest and lower average debt levels. Total weighted average debt outstanding during fiscal 2014 decreased
approximately $32.5 million compared to fiscal 2013.
Gain on Disposal of Assets
(in thousands of dollars) Fiscal 2015 Fiscal 2014 Fiscal 2013
Gain on disposal of assets:
Retail operations segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(12,619)$ (6,068)$ (12,376)
Construction segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7)(1)(3)
Total gain on disposal of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(12,626)$ (6,069)$ (12,379)
Fiscal 2015
During fiscal 2015, the Company received proceeds of $25.5 million primarily from the sales of four retail store locations
in Huntsville, Alabama, Sandy, Utah, Tampa, Florida and Arlington, TX, resulting in a gain of $12.6 million that was recorded
in gain on disposal of assets.
Fiscal 2014
During fiscal 2014, the Company received proceeds of $14.5 million from the sales of a retail store location in Longmont,
Colorado, that was held for sale due to eminent domain, and an operating store location in Sarasota, Florida, resulting in a gain
of $6.3 million that was recorded in gain on disposal of assets.
During fiscal 2014, the Company also received a final distribution of $1.1 million from its investment in a property
located in Toledo, Ohio, resulting in a loss of $0.3 million that was recorded in gain on disposal of assets.
Fiscal 2013
During fiscal 2013, the Company received proceeds of $15.7 million from the sale of its investment in Acumen Brands
("Acumen"), an eCommerce company based in Fayetteville, Arkansas. The sale resulted in a gain of $11.7 million that was
recorded in gain on disposal of assets.
During fiscal 2013, the Company also received proceeds of $1.7 million from the sale of two former retail stores located
in Oklahoma City, Oklahoma and Pasadena, Texas that were held for sale, resulting in a gain of $0.6 million that was recorded
in gain on disposal of assets.