Staples 2005 Annual Report Download - page 99

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STAPLES, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements (Continued)
C-14
NOTE D Accrued Expenses and Other Current Liabilities
The major components of accrued liabilities are as follows (in thousands):
January 28, 2006 January 29, 2005
Taxes...................................................... $ 318,971 $ 234,960
Employee related ........................................... 253,828 254,954
Acquisition and store closure reserves ......................... 57,501 90,805
Advertising and marketing ................................... 71,005 53,417
Other...................................................... 339,895 320,048
Total.................................................... $ 1,041,200 $ 954,184
NOTE E Debt and Credit Agreements
The major components of debt outstanding are as follows (in thousands):
January 28, 2006 January 29, 2005
Notes due October 2012 (see below)........................... $325,000 $325,000
SeniorNotes dueAugust 2007 (seebelow)..................... 200,000 200,000
Linesof credit (see “Credit Agreements” below)................ 184 —
Capital lease obligations and other notes payable in monthly
installments with effective interest rates from 2% to 5%;
collateralized by the related equipment...................... 12,803 18,729
537,987 543,729
Deferred gain on settlement of interest rate swap and fair value
adjustments onhedged debt................................ (7,490) 15,442
Less current portion......................................... (2,891) (1,244)
Netlong-term debt.......................................... $ 527,606 $ 557,927
Debt maturing within one year consists of the following
(in thousands):
Current portion of long-term debt............................. 2,891 1,244
Total debt maturingwithinone year........................... $ 2,891 $ 1,244
Aggregate annual maturities of long-term debt and capital lease obligations are as follows (in thousands):
Fiscal Year: Total
2006 ................................................. 2,891
2007 ................................................. 203,937
2008 ................................................. 2,157
2009 ................................................. 1,226
2010 ................................................. 1,935
Thereafter............................................ 325,841
$537,987
Future minimum lease payments under capital leases of $9.6 million, excluding $1.0 million of interest, are included
in aggregate annual maturities shown above. Staples entered into new capital lease agreements totaling $3.1 million,
$0.5 million and $1.0 million during fiscal years 2005, 2004 and 2003, respectively.
Interest paid by Staples totaled $41.2 million, $22.5 million and $32.5 million for fiscal years 2005, 2004 and 2003,
respectively. There was no capitalized interest in fiscal 2005 and 2004; capitalized interest totaled $0.1 million in fiscal
2003.