Cracker Barrel 2013 Annual Report Download - page 46

e following table summarizes the pre-tax eects of
the Company’s derivative instruments on AOCL for each
of the three years:
Amount of Income Recognized in
AOCL on Derivatives (Eective Portion)
2013 2012 2011
Cash ow hedges:
Interest rate swaps $ 23,620 $ 17,223 $ 14,677
e following table summarizes the pre-tax eects of
the Company’s derivative instruments on income for each
of the three years:
Location of Loss
Reclassied from Amount of Loss Reclassied from
AOCL into Income AOCL into Income (Eective Portion)
(Eective Portion) 2013 2012 2011
Cash ow hedges:
Interest rate swaps Interest expense $ 20,773 $ 35,903 $ 30,355
Any portion of the fair value of the interest rate swaps
determined to be ineective will be recognized currently in
earnings. No ineectiveness has been recorded in 2013,
2012 and 2011.
7 SHARE REPURCHASES
In 2013 and 2012, subject to a maximum amount as specied
in the table below and the limits imposed by the Credit
Facility, the Company was authorized to repurchase shares at
management’s discretion. Additionally, in 2011, the Company
was authorized to repurchase shares to oset share dilution
that resulted from the issuance of shares under its equity
compensation plans up to the maximum aggregate purchase
price amount as specied in the table below. In 2014,
the Company has been authorized to repurchase shares at
management’s discretion up to a maximum aggregate
purchase price of $50,000.
e following table summarizes our share repurchases for
the last three years:
2013 2012 2011
Maximum aggregate
purchase pr ice $ 100,000 $ 65,000 $ 65,000
Cost of shares repurchased $ 3,570 $ 14,923 $ 33,563
Shares of common stock
repurchased 44,300 265,538 676,600
8 SEGMENT INFORMATION
Cracker Barrel stores represent a single, integrated operation
with two related and substantially integrated product lines.
e operating expenses of the restaurant and retail product
lines of a Cracker Barrel store are shared and are indistin-
guishable in many respects. Accordingly, the Company manages
its business on the basis of one reportable operating
segment. All of the Company’s operations are located within
the United States.
Total revenue was comprised of the following at:
2013 2012 2011
Restaurant $ 2,104,768 $ 2,054,127 $ 1,934,049
Retail 539,862 526,068 500,386
Total revenue $ 2,644,630 $ 2,580,195 $ 2,434,435
9 IMPAIRMENT AND
STORE DISPOSITIONS, NET
Impairment and store dispositions, net consisted of the
following for the past three years:
2013 2012 2011
Impairment $ — $ — $ 3,219
Gains on disposition of stores — — (4,109)
Store closing costs — — 265
Total $ — $ — $ (625)
e Company did not incur any impairment charges,
gains on disposition of stores or store closing costs in 2013 or
2012. During 2011, the Company recorded impairment
charges of $1,044 and $2,175, respectively, for oce space
which is classied as property held for sale and for a
leased store. e leased store was impaired because of
declining operating performance and resulting negative cash
ow projections.
During 2011, the Company’s gain on disposition of stores
included gains resulting from the sale of two closed stores
and a condemnation award resulting from an eminent
domain proceeding. e Company received net proceeds of
$1,054 from the sale of the two closed stores, which resulted
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