Pep Boys 2014 Annual Report Download - page 34

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Contractual Obligations
The following chart represents our total contractual obligations and commercial commitments as of
January 31, 2015:
Within From 1 to 3 From 3 to 5 After
Contractual Obligations Total 1 year years years 5 years
(dollars amounts in thousands)
Long-term debt(1) ...... $ 213,000 $ 2,000 $ 21,000 $190,000 —
Operating leases ....... 746,221 114,258 206,144 166,732 259,087
Expected scheduled
interest payments on
long-term debt ...... 32,881 8,995 17,732 6,154 —
Other long-term
obligations(2) ........ 11,300 —— ——
Total contractual
obligations ......... $1,003,402 $125,253 $244,876 $362,886 $259,087
(1) Long-term debt includes current maturities.
(2) Comprised of deferred compensation items of $4.6 million, income tax liabilities of
$0.8 million and asset retirement obligations of $5.9 million. The above table does not
reflect the timing of projected settlements for our recorded deferred compensation plan
obligation, asset retirement obligation costs and income tax liabilities because we cannot
make a reliable estimate of the timing of the related cash payments.
Within From 1 to 3 From 3 to 5 After
Commercial Commitments Total 1 year years years 5 years
(dollar amounts in thousands)
Commercial letters of credit . . . $ 8,116 $ 5,156 $ 2,960 $— $—
Standby letters of credit ...... 27,003 26,903 100 ——
Surety bonds .............. 12,752 10,893 1,859 ——
Purchase obligations(1)(2) ...... 30,004 22,848 7,156 ——
Total commercial commitments . $77,875 $65,800 $12,075 $— $—
(1) Our open purchase orders are based on current inventory or operational needs and are
fulfilled by our suppliers within short periods of time. We currently do not have minimum
purchase commitments under our supply agreements (other than(2) below) 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 suppliers at
January 31, 2015 that we do not have legal title to are considered commercial
commitments.
(2) In fiscal 2013, we renewed our commercial commitment to purchase 6.3 million units of
oil products at various prices over a three-year period. Based on our present consumption
rate, we expect to meet the cumulative minimum purchase requirements under this
contract in fiscal 2016.
Senior Secured Term Loan due October 2018
On October 11, 2012, we entered into the Second Amended and Restated Credit Agreement
among the Company, Wells Fargo Bank, N.A., as Administrative Agent, and the other parties thereto
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