Pep Boys 2008 Annual Report Download - page 83

2009, we had a $300,000,000 line of credit, with an availability of approximately $182,115,000. Our
current portion of long term debt was $1,453,000 at January 31, 2009.
Contractual Obligations
The following chart represents our total contractual obligations and commercial commitments as of
January 31, 2009:
Due in less Due in Due in Due after
Contractual Obligations Total than 1 year 1 - 3 years 3 - 5 years 5 years
(dollars in thousands)
Long-term debt(1) .................. $ 349,191 $ 1,078 $ 2,156 $147,560 $198,397
Operating leases ................... 777,957 77,103 146,357 135,940 418,557
Expected scheduled interest payments on
all long-term debt, capital leases and
lease finance obligations ............ 134,318 25,256 50,235 47,919 10,908
Capital and lease financing obligations(1) . 4,644 375 527 575 3,167
Other long-term obligations(2) ......... 22,156 1,711 — — —
Total contractual obligations ........... $1,288,266 $105,523 $199,275 $331,994 $631,029
(1) Long-term debt, capital leases and lease financing obligations include current maturities.
(2) Primarily includes pension obligation of $9,304, FIN 48 liabilities and asset retirement obligations.
We made voluntary contributions of $19,918; $440 and $504, to our pension plans in fiscal 2008,
2007 and 2006, respectively. Future plan contributions are dependent upon actual plan asset
returns and interest rates. See Note 10 of Notes to Consolidated Financial Statements in ‘‘Item 8
Financial Statements and Supplementary Data’’ for further discussion of our pension plans. The
above table does not reflect the timing of projected settlements for our recorded asset disposal
costs of $7,130 and our FIN 48 liabilities of $3,429 because we cannot make a reliable estimate of
the timing of the related cash payments.
Due in less Due in Due in Due after
Commercial Commitments Total than 1 year 1 - 3 years 3 - 5 years 5 years
(dollar amounts in thousands)
Import letters of credit ................ $ 354 $ 354 $ — $ — $—
Standby letters of credit ................ 86,502 46,502 40,000 — —
Surety bonds ........................ 9,235 9,195 40 — —
Purchase obligations(1)(2) .............. 14,633 13,920 594 119 —
Total commercial commitments .......... $110,724 $69,971 $40,634 $119 $—
(1) Our open purchase orders are based on current inventory or operational needs and are fulfilled by
our vendors within short periods of time. We currently do not have minimum purchase
commitments under our vendor supply agreements and generally our open purchase orders (orders
that have not been shipped) are not binding agreements. Those purchase obligations that are in
transit from our vendors at January 31, 2009 are considered to be a commercial commitment.
(2) In the first quarter of fiscal 2005, we entered into a commercial commitment to purchase
approximately $4,800 of products over a six-year period. The commitment for years two through
five is approximately $950 per year, while the final year’s commitment is approximately half that
amount. Following year two, we are obligated to pay the vendor a per unit fee if there is a
shortfall between our cumulative purchases during the two year period and the minimum purchase
requirement. For years three through six, we are obligated to pay the vendor a per unit fee for any
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