Lululemon 2013 Annual Report Download - page 57

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Table of Contents
Amortization expense related to intangible assets was $891 , $1,329 , and $1,314 for the years ended February 2, 2014 , February 3, 2013
,
and January 29, 2012 , respectively. The estimated aggregate amortization expense is as follows:
Reacquired franchise rights are amortized on a straight-line basis over their estimated useful lives. The weighted-average remaining useful
lives of the reacquired franchise rights was 2.49 years as at February 2, 2014 and 3.26 years years as at February 3, 2013 . Goodwill is reviewed
for impairment annually, or as events occur or circumstances arise which may reduce the fair value of goodwill below carrying value.
6 ACCRUED LIABILITIES
7 NON-CURRENT LIABILITIES
8 LONG-TERM DEBT AND CREDIT FACILITIES
In November 2013, the Company canceled the uncommitted senior secured demand revolving credit facility with Royal Bank of Canada
that it had entered into in April 2007. In November 2013 the Company entered into unsecured demand revolving credit facilities with HSBC
Bank Canada and Bank of America, N.A., Canada Branch for up to $15,000 total to support the issuance of letters of credit and to fund the
working capital requirements of the Company. Borrowings under the uncommitted credit facilities are made on a when-and-as-needed basis at
the discretion of the Company.
Borrowings under the credit facility can be made either as (i) US Dollar Loans - US Dollar Loans will bear interest a rate equal to US
LIBOR plus 100 basis points or US prime rate, at the Company's option; (ii) Letters of Credit - Borrowings drawn down under standby letters of
credit issued by the banks will bear a fee of 100 basis points; and (iii) CDN Dollar Loans - CDN Dollar Loans will bear interest at a rate equal to
Bankers Acceptance plus 100 basis points or the Canadian Prime Rate, at the Company's option.
At February 2, 2014 , there were no borrowings outstanding under these credit facilities. At February 2, 2014 , letters of credit totaling
USD $1.1 million had been issued outside of this facility.
49
Fiscal Year
2014
$
938
2015
898
2016
747
2017
265
2018
74
Thereafter
—
$
2,922
February 2,
2014
February 3,
2013
Inventory purchases
$
12,715
$
7,633
Sales tax collected
8,341
8,501
Accrued rent
5,936
5,688
Other
15,318
8,210
$
42,310
$
30,032
February 2,
2014
February 3,
2013
Deferred lease liability
$
17,994
$
16,785
Tenant inducements
17,521
13,637
Deferred income tax liability
3,977
—
$
39,492
$
30,422