GameStop 2011 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2011 GameStop annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The fair values of derivative instruments not receiving hedge accounting treatment in the consolidated
balance sheets presented herein were as follows (in millions):
January 28, 2012 January 29, 2011
Assets
Foreign Currency Contracts
Other current assets ................................... $12.3 $ 13.0
Other noncurrent assets ................................ 4.7 1.0
Liabilities
Foreign Currency Contracts
Accrued liabilities ..................................... (2.0) (11.2)
Other long-term liabilities .............................. (0.5) (1.6)
Total derivatives ........................................ $14.5 $ 1.2
As of January 28, 2012, the Company had a series of Foreign Currency Contracts outstanding, with a gross
notional value of $507.1 million and a net notional value of $228.6 million. As of January 29, 2011, the
Company had a series of Foreign Currency Contracts outstanding, with a gross notional value of $495.2 million
and a net notional value of $201.3 million.
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 28, 2012, there were
no senior notes payable. As of January 29, 2011, the senior notes payable had a carrying value of $249.0 million
and a fair value of $256.6 million.
7. 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 (in millions):
January 28,
2012
January 29,
2011
Bankcard receivables ........................................... $31.1 $47.5
Other receivables .............................................. 36.0 20.5
Allowance for doubtful accounts .................................. (2.7) (2.5)
Total receivables, net ........................................... $64.4 $65.5
F-19