Shake Shack 2016 Annual Report Download - page 87

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Table of Contents
NOTE 6 : PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
December 30
2015
December 31
2014
Leasehold improvements $ 82,904
$ 58,272
Equipment 16,903
12,108
Furniture and fixtures 4,965
3,249
Computer equipment and software 5,197
3,529
Construction in progress 6,591
6,309
Property and equipment, gross 116,560
83,467
Less: accumulated depreciation (23,519)
(13,343)
Property and equipment, net $ 93,041
$ 70,124
Depreciation expense was $10,222 , $5,809 and $3,541 for fiscal 2015 , 2014 and 2013 , respectively.
NOTE 7 : SUPPLEMENTAL BALANCE SHEET INFORMATION
The components of other current liabilities as of December 30, 2015 and December 31, 2014 are as follows:
December 30
2015
December 31
2014
Sales tax payable $ 1,073
$ 736
Current portion of liabilities under tax receivable agreement 2,157
—
Gift card liability 833
625
Other 551
388
Other current liabilities $ 4,614
$ 1,749
NOTE 8 : DEBT
In January 2015, we executed a Third Amended and Restated Credit Agreement, which became effective on February 4, 2015 (together with the prior agreements
and amendments, the "Revolving Credit Facility"), that provides for a total revolving commitment of $20,000 , which can be increased to $50,000 at our election.
The Revolving Credit Facility will mature and all amounts outstanding will be due and payable five years from the effective date. The Revolving Credit Facility
permits the issuance of letters of credit upon our request of up to $10,000 . Borrowings under the Revolving Credit Facility bear interest at either: (i) LIBOR plus a
percentage ranging from 2.5% to 3.5% or (ii) the prime rate plus a percentage ranging from 0.0% to 1.0% , depending on the type of borrowing made under the
Revolving Credit Facility. As of December 31, 2014 , amounts outstanding under the Revolving Credit Facility totaled $32,000 , and were classified as short-term
borrowings on the Consolidated Balance Sheet. During the fiscal year ended December 30, 2015 , we borrowed an additional $4,000 in principal under the
Revolving Credit Facility. In February 2015, we repaid the entire outstanding balance of $36,000 using a portion of the proceeds we received from our IPO and, as
of December 30, 2015 ,
85 | Shake Shack Inc. Form 10-K