Radio Shack 2011 Annual Report Download - page 58

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50
Property, Plant and Equipment, Net:
December 31,
(In millions) 2011 2010
Land $ 2.5 $ 2.4
Buildings 62.4 55.7
Furniture, fixtures, equipment
and software
663.0
673.5
Leasehold improvements 360.9 362.8
Total PP&E 1,088.8 1,094.4
Less accumulated depreciation
and amortization
(818.6)
(820.1)
Property, plant and equipment, net $ 270.2 $ 274.3
Other Assets, Net:
December 31,
(In millions) 2011 2010
Notes receivable $ 8.9 $ 9.6
Deferred income taxes 17.1 45.9
Other 29.1 25.7
Total other assets, net $ 55.1 $ 81.2
Accrued Expenses and Other Current Liabilities:
December 31,
(In millions) 2011 2010
Payroll and bonuses $ 45.7 $ 60.0
Insurance 65.3 65.0
Sales and payroll taxes 41.1 41.4
Rent 33.9 36.5
Advertising
30.8 26.9
Gift card deferred revenue 20.6 19.5
Income taxes payable -- 9.7
Other 78.0 68.7
Total accrued expenses and
other current liabilities
$ 315.4
$ 327.7
Other Non-Current Liabilities:
December 31,
(In millions) 2011 2010
Deferred compensation $ 28.9 $ 34.6
Liability for unrecognized tax benefits 33.6 36.6
Other 25.1 21.8
Total other non-current liabilities $ 87.6 $ 93.0
NOTE 4 – INDEBTEDNESS AND BORROWING
FACILITIES
Long-Term Debt:
December 31,
(In millions) 2011 2010
Five year 2.5% unsecured
convertible notes due in 2013
$ 375.0
$ 375.0
Eight year 6.75% unsecured
note payable due in 2019
325.0
--
Ten-year 7.375% unsecured
note payable due in 2011
--
306.8
Other 1.0 1.0
701.0 682.8
Unamortized debt discounts (30.4) (44.2)
Basis adjustment due to interest
rate swaps
--
1.2
670.6 639.8
Less current portion of:
Notes payable -- 306.8
Basis adjustment due to interest
rate swaps
--
1.2
-- 308.0
Total long-term debt $ 670.6 $ 331.8
Long-term borrowings outstanding at December 31, 2011,
mature as follows:
Long-Term
Borrowings
(In millions)
2012 $ --
2013 375.0
2014 1.0
2015 --
2016 --
2017 and thereafter 325.0
Total $ 701.0
2019 Notes: On May 3, 2011, we sold $325 million
aggregate principal amount of 6.75% senior unsecured
notes due May 15, 2019 in a private offering to qualified
institutional buyers (such notes, together with any notes
issued in the exchange offer we subsequently registered
with the SEC for such notes (the “Exchange Offer”), being
referred to as the “2019 Notes”). In September 2011,
substantially all of the privately placed notes were
exchanged for notes in an equal principal amount that we
issued pursuant to the Exchange Offer. Accordingly, the
exchange resulted in the issuance of substantially all of the
2019 Notes in a transaction registered with the SEC, but it
did not result in the incurrence of any additional debt.
The obligation to pay principal and interest on the 2019
Notes is jointly and severally guaranteed on a full and
unconditional basis by all of the guarantors under our five-
year, $450 million revolving credit agreement. At December
31, 2011, the 2019 Notes were guaranteed by all of our
wholly-owned domestic subsidiaries except Tandy Life
Insurance Company. The 2019 Notes pay interest at a fixed
rate of 6.75% per year. Interest is payable semiannually, in