TJ Maxx 2004 Annual Report Download - page 66

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opening balance sheet, which essentially eliminated the negative goodwill. The following table presents the final allocation of the
$57.6 million purchase price to the assets and liabilities acquired based on their fair values as of December 24, 2003:
As of
December 24,
In Thousands 2003
Current assets $37,310
Property and equipment 23,529
Intangible assets 16,064
Total assets acquired 76,903
Current liabilities 19,288
Total liabilities assumed 19,288
Net assets acquired $57,615
The intangible assets include $11.0 million assigned to favorable leases which is being amortized over the related lease terms
and includes $4.8 million for the value of the tradename ‘‘Bob’s Stores,’’ which is being amortized over 10 years.
The results of Bob’s Stores have been included in our consolidated financial statements from the date of acquisition. Pro forma
results of operations assuming the acquisition of Bob’s Stores occurred as of the beginning of fiscal 2004 have not been presented, as
the inclusion of the results of operations for the acquired business would not have produced a material impact on the reported sales,
net income or earnings per share of the Company.
C. Long-Term Debt and Credit Lines
The table below presents long-term debt, exclusive of current installments, as of January 29, 2005 and January 31, 2004. All
amounts are net of unamortized debt discounts. Capital lease obligations are separately presented in Note E.
January 29, January 31,
In Thousands 2005 2004
General corporate debt:
7% unsecured notes, maturing June 15, 2005 (effective interest rate of 7.02% after reduction of
the unamortized debt discount of $19 in fiscal 2004) $-$99,981
7.45% unsecured notes, maturing December 15, 2009 (effective interest rate of 7.50% after
reduction of unamortized debt discount of $311 and $375 in fiscal 2005 and 2004,
respectively) 199,689 199,625
Market value adjustment to debt hedged with interest rate swap (2,851) (3,100)
Total general corporate debt 196,838 296,506
Subordinated debt:
Zero coupon convertible subordinated notes due February 13, 2021, after reduction of
unamortized debt discount of $141,742 and $149,213 in fiscal 2005 and 2004, respectively 375,755 368,287
Total subordinated debt 375,755 368,287
Long-term debt, exclusive of current installments $572,593 $664,793
F-12