Ross 2014 Annual Report Download - page 51

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Total stock-based compensation recognized in the Company’s Consolidated Statements of Earnings for fiscal 2014, 2013, and
2012 is as follows:
Statements of Earnings Classification ($000) 2014 2013 2012
Cost of goods sold $ 27,0 88 $ 24,432 $ 22,915
Selling, general and administrative 25,913 22,415 26,037
Total $ 53,001 $ 46,847 $ 48,952
Note D: Debt
Senior notes. Unsecured senior debt, net of unamortized discounts as of January 31, 2015 and February 1, 2014 consisted of
the following:
($000) 2014 2013
6.38% Series A Senior Notes due 2018 $ 85,000 $ 85,000
6.53% Series B Senior Notes due 2021 65,000 65,000
3.375% Senior Notes due 20241
248,375 —
Total $ 398,375 $ 150,000
1 Net of unamortized discount of $1.6 million at January 31, 2015.
In September 2014, the Company issued unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an
aggregate principal amount of $250 million at a price equal to 99.329% of the principal amount. Cash proceeds, net of discount
and other issuance fees and expenses, were approximately $246 million and were used to purchase the Company’s New York
buying office for $222 million and for other general corporate purposes. Interest on the 2024 Notes is payable semi-annually
beginning March 2015.
At January 31, 2015, the Company also had outstanding two series of unsecured senior notes in the aggregate principal amount
of $150 million, held by various institutional investors. The Series A notes totaling $85 million are due in December 2018 and
bear interest at a rate of 6.38%. The Series B notes totaling $65 million are due in December 2021 and bear interest at a rate
of 6.53%. Borrowings under these senior notes are subject to certain financial covenants, including interest coverage and other
financial ratios. As of January 31, 2015, the Company was in compliance with these covenants.
The 2024 Notes, Series A, and Series B senior notes are all subject to prepayment penalties for early payment of principal.
The aggregate fair value of the three outstanding senior note issuances was approximately $442 million as of January 31,
2015 and the aggregate fair value of the Series A and Series B notes was $182 million as of February 1, 2014. The fair value is
estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements
and disclosures guidance.
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