CompUSA 2015 Annual Report Download - page 62
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7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accruedexpensesandothercurrentliabilitiesconsistofthefollowing(inmillions):
December 31,
2015 2014
Payrollandemployeebenefits $31.0 $ 34.6
Advertising 7.6 11.9
SalesandVATtaxpayable 5.1 9.3
Freight 5.6 8.0
Reorganizationcosts 6.3 4.7
Deferredrevenue 5.4 5.1
Other 18.0 21.8
$79.0 $ 95.4
8. LONG-TERM DEBT
TheCompany(throughasubsidiary)hadanoutstandingBondfinancingwiththeDevelopmentAuthorityofJefferson,Georgia(the“Authority”).TheBonds
wereissuedbytheAuthorityandpurchasedbyGEGovernmentFinanceInc.,andweretomatureonOctober1,2018.TheproceedsfromtheBondwereused
tofinancecapitalequipmentpurchasedfortheCompany’sdistributionfacilitylocatedinJefferson,Georgia.Thepurchaseandinstallationoftheequipment
forthefacilitywascompletedbyDecember31,2011.Pursuanttothetransaction,theCompanytransferredtotheAuthority,forconsiderationconsistingofthe
Bond proceeds, ownership of the equipment and the Authority leased the equipment to the Company’s subsidiary pursuant to a capital equipment lease
expiringOctober1,2018.Underthecapitalequipmentlease,theCompanyhastherighttoacquireownershipoftheequipmentatanytimeforapurchase
pricesufficienttopayoffallprincipalandinterestontheBonds,plus$1.00.TheCompanyexercisedthisrightinNovember2015payingoffalloutstanding
principalplus$1.00andacquiredtitletoallofthecapitalequipment.ThisfacilitywaspaidoffinNovember2015.
Long-termdebtconsistsof(inmillions):
December 31,
2015 2014
Warehousecapitalizedequipmentlease $- $ 2.2
Othercapitalizedequipmentlease 1.0 1.7
Subtotal 1.0 3.9
Less:currentportion 0.6 2.8
$0.4 $ 1.1
Theaggregatematuritiesoflong-termdebtoutstandingatDecember31,2015areasfollows(inmillions):
2016 2017 2018
Maturities $ 0.6 $ 0.3 $ 0.1
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