GameStop 2009 Annual Report Download - page 87

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ended January 31, 2009, the Company recognized gains of $5,494 in selling, general and administrative expenses
related to the trading of derivative instruments.
The Company’s carrying value of financial instruments approximates their fair value, except for differences
with respect to the senior notes. The fair value of the Company’s senior notes payable in the accompanying
consolidated balance sheets is estimated based on recent quotes from brokers. As of January 30, 2010, the senior
notes payable had a carrying value of $447,343 and a fair value of $465,975. As of January 31, 2009, the senior
notes payable had a carrying value of $545,712 and a fair value of $547,250.
6. Receivables, Net
Receivables consist primarily of bankcard receivables and other receivables. Other receivables include
receivables from Game Informer Magazine advertising customers, receivables from landlords for tenant allowances
and receivables from vendors for merchandise returns, vendor marketing allowances and various other programs.
An allowance for doubtful accounts has been recorded to reduce receivables to an amount expected to be collectible.
Receivables consisted of the following:
January 30,
2010
January 31,
2009
(In thousands)
Bankcard receivables ........................................ $51,460 $45,650
Other receivables ........................................... 15,931 24,097
Allowance for doubtful accounts . . .............................. (3,385) (3,766)
Total receivables, net ........................................ $64,006 $65,981
7. Accrued Liabilities
Accrued liabilities consisted of the following:
January 30,
2010
January 31,
2009
(In thousands)
Customer liabilities .......................................... $199,175 $163,904
Deferred revenue ........................................... 61,203 42,936
Accrued rent............................................... 18,690 20,760
Accrued interest ............................................ 15,862 18,416
Employee compensation and related taxes ......................... 89,771 83,475
Other taxes ................................................ 63,692 61,434
Settlement of treasury share purchases ............................ 64,615 —
Other accrued liabilities ...................................... 119,095 107,328
Total accrued liabilities ....................................... $632,103 $498,253
F-19
GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)