Overstock.com 2010 Annual Report Download - page 114
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
11. ACCRUED LIABILITIES
Accrued liabilities consist of the following (in thousands):
December 31,
2010 2009
Allowance for returns $ 11,525 $ 11,923
Accrued compensation and other related costs 8,279 13,094
Accounts payable accrual 7,626 4,893
Accrued freight 2,491 1,496
Accrued marketing expenses 2,484 3,588
Accrued professional expenses 1,877 903
Facility lease accruals 1,811 1,569
Accrued taxes 1,400 1,087
Credit card processing fee accrual 625 539
Inventory received but not invoiced 452 1,172
Short term portion of restructuring accrual (Note 3) 447 567
Other accrued expenses 1,734 2,465
Total accrued liabilities $ 40,751 $ 43,296
12. DEFERRED REVENUE
Deferred revenue consists of the following (in thousands):
December 31,
2010 2009
Payments owed or received prior to product delivery $ 16,938 $ 15,566
Unredeemed gift cards 3,899 4,009
Club O membership fees and reward points 2,428 450
Other 762 640
Total deferred revenue $ 24,027 $ 20,665
13. BORROWINGS
Wells Fargo Credit Agreement.
We had a credit agreement (as amended to date, the "Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"). The Credit
Agreement provided a revolving line of credit to us of up to $30.0 million which we used primarily to obtain letters of credit to support inventory purchases.
Interest on borrowings was payable monthly and accrued at either (i) 1.0% above LIBOR in effect on the first day of an applicable fixed rate term, or (ii) at a
fluctuating rate per annum determined by the bank to be one half a percent (0.5%) above daily LIBOR in effect on each business day a change in daily LIBOR
is announced by the bank.
Borrowings and outstanding letters of credit under the Credit Agreement were required to be completely collateralized by cash balances held at Wells
Fargo, and therefore the facility did not provide additional liquidity to us.
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