Restoration Hardware 2012 Annual Report Download - page 151
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The following table sets forth the remaining amortization of the intangible assets based on a straight-line
method of amortization over the respective useful lives as of February 2, 2013 (in thousands):
2013 $1,128
2014 613
2015 95
2016 56
2017 19
Total amortization $1,911
NOTE 8—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accounts payable and accrued expenses consist of the following (in thousands):
February 2,
2013
January 28,
2012
Accounts payable $ 81,608 $ 47,440
Accrued freight and duty 17,639 8,896
Accrued compensation 16,621 21,168
Accrued sales taxes 12,783 8,472
Accrued catalog costs 6,906 7,176
Accrued occupancy 5,842 6,203
Accrued professional fees 2,114 2,494
Other accrued expenses 1,840 3,845
Total accounts payable and accrued expenses $145,353 $105,694
Accounts payable included negative cash balances due to outstanding checks of $28.1 million and $12.4
million as of February 2, 2013, and January 28, 2012, respectively.
Other current liabilities consist of the following (in thousands):
February 2,
2013
January 28,
2012
Unredeemed gift certificate and merchandise credit
liability $18,435 $20,742
Allowance for sales returns 5,206 3,181
Capital lease obligation—current 2,925 4,114
Other liabilities 5,862 2,824
Total other current liabilities $32,428 $30,861
NOTE 9—LINE OF CREDIT AND TERM LOAN
In August 2011, Restoration Hardware, Inc., along with its Canadian subsidiary, Restoration Hardware
Canada, Inc., entered into a credit agreement with Bank of America, N.A., as administrative agent, and certain
other lenders. This credit agreement modified a previous facility under which Restoration Hardware, Inc. had a
revolving line of credit for up to $190.0 million, as of July 30, 2011. As a result of the modification, the
unamortized deferred financing fees of $0.2 million related to the previous line of credit on the date of the
modification will be amortized over the life of the new revolving line of credit, which has a maturity date of
August 3, 2016. Under the credit agreement, Restoration Hardware, Inc. has a revolving line of credit available
of up to $417.5 million (following Restoration Hardware, Inc.’s exercise of the commitment increase option on
95
Form 10-K