Overstock.com 2013 Annual Report Download - page 85

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Table of Contents

Accrued liabilities consist of the following (in thousands):



Accrued marketing expenses
$13,715
$6,172
Allowance for returns
13,232
10,618
Accounts payable accrual
10,870
8,416
Other accrued expenses
9,934
4,034
Accrued compensation and other related costs
8,558
9,135
Accrued freight
4,276
2,761
Accrued taxes
1,833
2,349
Facility lease accruals
567
1,653
Inventory received but not invoiced
864
700
Accrued professional expenses
824
760
Credit card processing fee accrual
700
584
Short term portion of restructuring accrual (Note 3)
306
492
Total accrued liabilities
$65,679
$ 47,674

Deferred revenue consists of the following (in thousands):



Payments owed or received prior to product delivery
$24,402
$29,280
Club O membership fees and reward points
5,697
3,579
Unredeemed gift cards
3,061
2,973
In store credits
2,400
1,030
Other
1,761
1,549
Total deferred revenue
$37,321
$38,411


On December 26, 2012, we entered into a $3.0 million cash-collateralized line of credit agreement (the “Credit Agreement”) with U.S. Bank National
Association (“U.S. Bank”) for the issuance of letters of credit. Advances under the Credit Agreement bear interest at one-month LIBOR plus 1.0%. The Credit
Agreement matures on December 31, 2014. Amounts outstanding under the Credit Agreement were zero at December 31, 2013 and 2012.
Until December 31, 2012, we were party to a Financing Agreement with U.S. Bank (the “Financing Agreement”). In November 2012, we repaid all
amounts outstanding under the Financing Agreement. The Financing Agreement expired in accordance with its terms on December 31, 2012. The maximum
credit potentially available under the revolving facility was $20 million. Our obligations under the Financing Agreement and all related agreements were secured
by all or substantially all of our assets, excluding our interest in certain litigation.
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