Cracker Barrel 2015 Annual Report Download - page 19

interest rate swapspartially oset by higher retail inventory
andthe timingof paymentsfor accountspayable and estimated
income taxes.
O-Balance Sheet Arrangements
Other than various operating leases,which are disclosed more
fully in “MaterialCommitments” below and Notes 2 and 9
to our Consolidated FinancialStatements, we haveno other
material o-balance sheet arrangements.
Material Commitments
Our contractual cash obligations and commitmentsas of July 31,
2015, are summarizedin the tables below:
Payments due by Year
Contractual Obligations(a)To tal 2016 2017-2018 2019-2020 Aer 2020
Revolving Credit
Facility
(b)
$400,000 — — $400,000 —
Operating leases
(c)
743,090 $61,405 $93,374 86,028 $502,283
Purchase
obligations
(d)
73,068 44,932 24,875 3,261 —
Other long-term
obligations
(e)
38,488 1,194 8,506 585 28,203
Total contractual
cash obligations $1,254,646 $107,531 $126,755 $489,874 $530,486
Amount of Commitment Expirations by Year
Total 2016 2017-2018 2019-2020 Aer 2020
Revolving Credit
Facility
(b)
$750,000 — — $750,000 —
Standby leers
of credit
(f)
11,530 — $ 11,530 — —
Guarantees
(g)
548 $117 225 206 —
Total commitments $ 762,078 $117 $11,755 $750,206 —
(a)At July 31, 2015, the entireliability for uncertaintax positions
(including penalties and interest)is classied as a long-term liability.
At this time,we are unableto makea reasonably reliable estimate of
theamounts and timing of paymentsin individual years because of
uncertainties in the timingof the eective selement of tax positions.As
such, theliability for uncertaintax positions of $35,260 is not included
in thecontractual cash obligations and commitments table above.
(b)OurRevolving Credit Facility expireson January 8, 2020. Eventhough
theRevolvingCredit Facility expiresin 2020, we have theintent and
ability to renance our debt to maintaina sucient amount of
outstanding borrowings during the terms of our interest rate swapsthat
expirein 2021 and 2024. Using projectedinterestrates, we anticipate
havinginterestpaymentsof $11,985, $26,858, $26,681 and $47,329
in 2016, 2017-2018, 2019-2020 and aer 2020, respectively.
e projectedinterestratesare our xed ratesunder our interestrate
swaps (see Note 6 to the ConsolidatedFinancial Statements) plus our
current creditspread of 1.25%. Based on our outstanding borrowings
under our RevolvingCredit Facility, our standby leers of credit at July
31, 2015 and our current unused commitment fee as dened in the
RevolvingCredit Facility, our unused commitment fees in 2016,
2017-2018, and 2019-2020 wouldbe $684, $1,369 and $982,
respectively; however, the actual amount will dier based on actual
usage of the RevolvingCredit Facility in thoseyears.
(c)Includes base lease terms andcertainoptional renewal periods for
which,at the inception of the lease, it is reasonably assured that we will
exercise.
(d)Purchase obligations consist of purchase orders for food and retail
merchandise; purchase orders for capital expenditures, supplies, other
operating needsand otherservices; and commitments under contracts
formaintenanceneedsand otherservices. We haveexcluded contracts
that do not contain minimum purchase obligations. We excluded
long-term agreements for services andoperating needsthat can be
cancelled within60 days without penalty. We included long-term
agreements and certainretailpurchase orders for services and
operating needsthat can be cancelled with more than 60 days notice
without penalty only through the term of the notice. We included
long-term agreements for services andoperating needsthat only can be
cancelled in the event of an uncuredmaterialbreachor with a penalty
through the entireterm of the contract.Because of the uncertainties of
seasonal demandsand promotional calendar changes, our best
estimate of usage for food, supplies and otheroperating needsand
services is ratably over either the notice period or the remaining life of
thecontract,as applicable, unless we had beer information available
at thetime relatedto eachcontract.
(e)Other long-term obligations include our Non-Qualied Savings Plan
($26,947, with a corresponding long-term asset to fund theliability;
seeNote 12 to the ConsolidatedFinancial Statements), Deferred
Compensation Plan ($2,451) and our long-term incentive plans
($9,090).
(f)Ourstandby leers of credit relate to securingreserved claimsunder
workers’ compensation insurance and reduceour borrowing
availability under the RevolvingCredit Facility.
(g)Consists solely of guarantees associated with leasepaymentsfor one
property.We are notawareof any non-performance under this
arrangement thatwouldresult in us having to perform in accordance
with the terms of this guarantee.
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