Sally Beauty Supply 2011 Annual Report Download - page 130

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Sally Beauty Holdings, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
Fiscal Years ended September 30, 2011, 2010 and 2009
At September 30, 2011 and 2010, the Company had no off-balance sheet financing arrangements other
than operating leases incurred in the ordinary course of business as disclosed in Note 13, and outstanding
letters of credit related to inventory purchases and self-insurance programs which totaled $16.0 million and
$14.5 million at September 30, 2011 and 2010, respectively.
15. Sally Beauty Holdings, Inc. Stand-Alone Financial Information
Sally Beauty Holdings, Inc. is a holding company and has no material assets or operations other than its
ownership interests in its subsidiaries. The Company’s operations are conducted almost entirely through its
subsidiaries. As such, Sally Beauty depends on its subsidiaries for cash to meet its obligations or to pay
dividends.
F-30