Dillard's 2015 Annual Report Download - page 35

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29
Long-term debt maturities over the next five years are (in millions):
Fiscal Year
Long-Term Debt
Maturities
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $—
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.2
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161.0
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
During fiscal 2015, the Company increased its net level of outstanding debt and capital leases by $3.8 million,
specifically related to capital leases, compared to a reduction of $0.8 million in fiscal 2014. No debt matured during fiscal
2015, 2014 or 2013.
Subordinated Debentures. As of January 30, 2016, the Company had $200 million outstanding of its 7.5%
subordinated debentures due August 1, 2038. All of these subordinated debentures were held by Dillard's Capital Trust I, a
100% owned, unconsolidated finance subsidiary of the Company. The Company has the right to defer the payment of interest
on the subordinated debentures at any time for a period not to exceed 20 consecutive quarters; however, the Company has no
present intention of exercising this right to defer interest payments.
Fiscal 2016 Outlook
During fiscal 2016, the Company expects to finance its capital expenditures and its working capital requirements, as well
as stock repurchases and the payment of dividends from cash on hand, cash flows generated from operations and utilization of
the credit facility. At present, there are numerous general business and economic factors impacting the retail industry that could
affect the Company's liquidity. These factors include: consumer confidence; high levels of unemployment in various sectors;
economic instability around the globe; and other factors that are both separate from, and outgrowths of, these factors. These
conditions could impact our net sales which may result in reduced cash flows if we are unable to appropriately manage our
inventory levels and expenses. Depending upon our actual and anticipated sources and uses of liquidity, the Company will from
time to time consider possible financing transactions, the proceeds of which could be used to refinance current indebtedness or
for other corporate purposes.
OFF-BALANCE-SHEET ARRANGEMENTS
The Company has not created, and is not party to, any special-purpose entities or off-balance-sheet arrangements for the
purpose of raising capital, incurring debt or operating the Company's business. The Company does not have any off-balance-
sheet arrangements or relationships that are reasonably likely to materially affect the Company's financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or the availability of capital
resources.