Staples 2006 Annual Report Download - page 115

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STAPLES, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements (Continued)
C-11
NOTE C Accrued Expenses and Other Current Liabilities
The major components of accrued liabilities are as follows (in thousands):
February 3,
2007
January 28,
2006
Taxes............................................................................. $ 284,094 $ 318,971
Employee related.................................................................. 268,046 253,828
Acquisition and store closure reserves................................................ 48,798 57,501
Advertising and marketing.......................................................... 82,985 71,005
Other ............................................................................ 417,095 339,896
Total........................................................................... $ 1,101,018 $ 1,041,201
NOTE D Debt and Credit Agreements
The major components of debt outstanding are as follows (in thousands):
February 3,
2007
January 28,
2006
Notes due October 2012 (see below) .................................................. $ 325,000 $ 325,000
Senior Notes due August 2007 (see below)............................................. 200,000 200,000
Lines of credit (see “Credit Agreements” below)........................................ 229 184
Capital lease obligations and other notes payable in monthly installments with effective
interest rates from 2% to 13%; collateralized by the related equipment.................. 8,473 12,803
533,702 537,987
Deferred gain on settlement of interest rate swap and fair value adjustments on hedged debt . (16,060 ) (7,490)
Less current portion. . . .............................................................. (201,177 ) (2,891)
Net long-term debt.................................................................. $ 316,465 $ 527,606
Debt maturing within one year consists of the following (in thousands):
Current portion of long-term debt .................................................... $ 201,886 $ 2,891
Fair value adjustments on hedged debt ................................................ (709 ) —
Total debt maturing within one year................................................... $ 201,177 $ 2,891
Aggregate annual maturities of long-term debt and capital lease obligations are as follows (in thousands):
Fiscal Year: Total
2007 .......................................................................... $ 201,886
2008 .......................................................................... 2,943
2009 .......................................................................... 1,341
2010 .......................................................................... 1,690
2011 .......................................................................... 430
Thereafter..................................................................... 325,412
$ 533,702
Future minimum lease payments under capital leases of $6.9 million, excluding $0.5 million of interest, are included
in aggregate annual maturities shown above. Staples entered into no new capital lease agreements during fiscal 2006;
Staples entered into new capital lease agreements totaling $3.1 million and $0.5 million during fiscal years 2005 and 2004,
respectively.
Interest paid by Staples totaled $45.9 million, $41.2 million and $22.5 million for fiscal years 2006, 2005 and 2004,
respectively. There was $0.2 million of capitalized interest in fiscal 2006; no interest was capitalized in fiscal 2005 or 2004.