North Face 2002 Annual Report Download - page 52

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70
Note H – Accrued Liabilities
In thousands 2002 2001
Income taxes $ 61,315 $ 68,631
Compensation 114,132 85,435
Restructuring costs (Note O) 31,012 75,810
Minimum pension liability (Note K) 75,000 –
Other 220,598 210,431
$502,057 $440,307
Note I – Long-term Debt
In thousands 2002 2001
6.63% notes, due 2003 $ – $100,000
7.60% notes, due 2004 –100,000
6.75% notes, due 2005 100,000 100,000
8.10% notes, due 2005 300,000 300,000
8.50% notes, due 2010 200,000 200,000
9.25% debentures, due 2022 –100,000
Other 3,065 4,731
603,065 904,731
Less current portion 778 696
$602,287 $904,035
The scheduled payments of long-term debt are $.3 million in 2004, $400.3 million in 2005, $.3 million in 2006
and $.3 million in 2007. The Company paid interest of $72.2 million in 2002, $95.2 million in 2001 and $77.1
million in 2000.
Note J – Other Liabilities
In thousands 2002 2001
Deferred compensation $159,750 $165,943
Minimum pension liability (Note K) 102,643 9,957
Other 68,877 52,601
$331,270 $228,501
Note K – Benefit Plans
The Company sponsors a noncontributory defined benefit pension plan covering substantially all full-time domestic
employees. The Company makes contributions to the plan sufficient to meet the minimum funding requirements
under applicable laws, plus additional amounts as recommended by the Company’s independent actuary. Assets
in the trust fund for this plan consist of common stock, fixed income and real estate investments. The Company
also sponsors an unfunded supplemental defined benefit pension plan for management employees. This supple-
mental plan primarily covers pension benefits computed under the Company’s principal benefit plan that exceed
payment limitations imposed by income tax regulations. These defined benefit plans provide pension benefits
based on compensation levels and years of service. The effect of these plans on income is as follows: