Family Dollar 2003 Annual Report Download - page 30

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26
Family Dollar Stores, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (continued)
Ye ars Ended August 30, 2003, August 31, 2002 and September 1, 2001
2. Property and Equipment:
(In thousands) August 30, 2003 August 31, 2002
Buildings $335,882 $256,400
Furniture, fixtures and equipment 616,159 552,284
Transportation equipment 57,203 44,785
Leasehold improvements 173,494 152,320
Construction in progress 20,074 24,367
1,202,812 1,030,156
Less accumulated depreciation and amortization 435,182 376,289
767,630 653,867
Land 44,493 31,750
$812,123 $685,617
3. Revolving Credit Facilities and Short-Term Borrowings:
The Company has unsecured revolving credit facilities with banks for short-term borrowings of up to $200 million. One hundred million dollars of the facilities expires on May 27,
2004, and the remaining $100 million expires on May 31, 2005. The Company expects that the facilities expiring on May 27, 2004 will be extended. Borrowings under these facilities
are at a variable interest rate based on short-term market interest rates. The Company may convert up to $100 million of the facilities expiring on May 31, 2005 into a five-year
term loan, at the banks’ variable prime rate.
Interest expense, average and maximum borrowings outstanding and interest rates for each of the three years in the period ended August 30, 2003 were as follows (In thousands):
2003 2002 2001
Interest expense —$158 $ 554
Average borrowings outstanding —$5,800 $7,700
Maximum month-end outstanding —$42,500 $54,700
Interest rates at year-end N/A N/A N/A
Daily weighted average interest rates N/A 2.7% 6.9%
4. Accrued Liabilities:
(In thousands) August 30, 2003 August 31, 2002
Compensation $43,880 $35,624
Self-insurance reserves 89,773 63,733
Taxes other than income taxes 35,077 32,611
Other 24,131 17,648
$192,861 $149,616