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Table of Contents
7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accruedexpensesandothercurrentliabilitiesconsistofthefollowing(inmillions):
December 31,
2015   2014
Payrollandemployeebenefits $31.0  $ 34.6
Advertising   7.6   11.9
SalesandVATtaxpayable   5.1   9.3
Freight   5.6   8.0
Reorganizationcosts   6.3   4.7
Deferredrevenue   5.4   5.1
Other   18.0   21.8
$79.0  $ 95.4
8. LONG-TERM DEBT
TheCompany(throughasubsidiary)hadanoutstandingBondfinancingwiththeDevelopmentAuthorityofJefferson,Georgia(the“Authority”).TheBonds
wereissuedbytheAuthorityandpurchasedbyGEGovernmentFinanceInc.,andweretomatureonOctober1,2018.TheproceedsfromtheBondwereused
tofinancecapitalequipmentpurchasedfortheCompany’sdistributionfacilitylocatedinJefferson,Georgia.Thepurchaseandinstallationoftheequipment
forthefacilitywascompletedbyDecember31,2011.Pursuanttothetransaction,theCompanytransferredtotheAuthority,forconsiderationconsistingofthe
Bond proceeds, ownership of the equipment and the Authority leased the equipment to the Company’s subsidiary pursuant to a capital equipment lease
expiringOctober1,2018.Underthecapitalequipmentlease,theCompanyhastherighttoacquireownershipoftheequipmentatanytimeforapurchase
pricesufficienttopayoffallprincipalandinterestontheBonds,plus$1.00.TheCompanyexercisedthisrightinNovember2015payingoffalloutstanding
principalplus$1.00andacquiredtitletoallofthecapitalequipment.ThisfacilitywaspaidoffinNovember2015.
Long-termdebtconsistsof(inmillions):
December 31,
2015   2014
Warehousecapitalizedequipmentlease $-  $ 2.2
Othercapitalizedequipmentlease   1.0   1.7
Subtotal   1.0   3.9
Less:currentportion   0.6   2.8
$0.4  $ 1.1
Theaggregatematuritiesoflong-termdebtoutstandingatDecember31,2015areasfollows(inmillions):
2016   2017   2018
Maturities  $ 0.6  $ 0.3  $ 0.1
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