GNC 2011 Annual Report Download - page 98

Table of Contents
NOTE 10. ACCRUED PAYROLL AND RELATED LIABILITIES
Accrued payroll and related liabilities at each respective period consisted of the following at December 31:
December 31,
2010 2009
(in thousands)
Accrued payroll $ 20,204 $ 17,255
Accrued taxes and benefits 5,406 5,022
Total $ 25,610 $ 22,277
NOTE 11. DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
Other current liabilities at each respective period consisted of the following at December 31:
2010 2009
(in thousands)
Deferred revenue $ 35,467 $ 33,837
Payable to former shareholders — 2,625
Accrued occupancy 5,530 4,882
Accrued worker compensation 6,354 5,892
Accrued taxes 6,435 5,683
Deferred tax liability (see Note 5) — 622
Accrued income tax — 404
Fair value of interest rate swap agreements 4,395 —
Other current liabilities 10,160 11,185
Total $ 68,341 $ 65,130
Deferred revenue consists primarily of Gold Card and gift card deferrals.
NOTE 12. LONG-TERM DEBT / INTEREST
In conjunction with the Merger, the Company repaid certain of its existing debt and issued new debt. The new debt, which was entered into or issued on
the closing, consisted of the senior credit facility comprised of a $675.0 million term loan facility and the $60.0 million revolving credit facility (the "Senior
Credit Facility"), $300.0 million aggregate principal amount of the Senior Notes, and $110.0 million aggregate principal amount of 10.75% Senior
Subordinated Notes due 2015 (the "Senior Subordinated Notes"). The Company utilized proceeds from the new debt to repay its December 2003 Senior
Credit Facility, its 85/8% Senior Notes issued in January 2005, and its 81/2%
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