Urban Outfitters 2012 Annual Report Download - page 38

Table of Contents
Commercial Commitments
Description
Total
Amounts
Committed
Amount of Commitment Per Period
(in thousands)
Less
Than
One
Year
One
to
Three
Years
Three
to
Five
Years
More
Than
Five
Years
Line of credit (1) $ 55,532 $ 55,532 $ — $ — $ —
Standby letters of credit 4,153 4,153 — — —
Total commercial commitments $ 59,685 $ 59,685 $ — $ — $ —
(1) Consists primarily of outstanding letter of credit commitments in connection with import inventory purchases.
Off-Balance Sheet Arrangements
As of and for the three fiscal years ended January 31, 2012, except for operating leases entered into in the normal course of business, we were not party
to any material off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, expenses,
results of operations, liquidity, capital expenditures or capital resources.
Other Matters
Recently Issued Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board ("FASB") issued an accounting standards update that amended fair value measurements
and disclosures and aimed to improve the transparency of financial reporting of assets and liabilities measured at fair value. The update required new
disclosures for transfers in and out of Level 1 and Level 2 and the basis for such transfers. Also required are disclosures for activity in Level 3, including
purchase, sale, issuance and settlement information. Lastly, it clarified guidance regarding disaggregation and disclosure of information about valuation
techniques and inputs used to measure fair value for both recurring and non-recurring fair value measurements in Level 2 and Level 3 categories. We adopted
the provisions of this accounting standards update effective February 1, 2010, except for the requirement to disclose purchases, sales, issuances, and
settlements related to Level 3 measurements, which we adopted February 1, 2011. This adoption had no impact on our financial condition, results of
operations or cash flows.
In May 2011, the FASB issued an additional update that amended fair value measurements and disclosures. This amendment provides that the inputs
and measures used to value assets that fall within Level 3 of the valuation hierarchy be quantitatively presented. Application is required prospectively for
interim and annual periods beginning after December 15, 2011. We are required to adopt this update in the first quarter of fiscal 2013. Other than the change
in presentation, this accounting standards update will not have an impact on our financial position and results of operations.
In June 2011, the FASB issued an accounting standards update that requires an increase in the prominence of other comprehensive income and its
components within the financial statements. The update provides entities the option to present the components of net income and other comprehensive income
in either one or two consecutive financial statements. It also eliminates the option to present other comprehensive income in the statements of shareholders'
equity. Application is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2011. We are required to
adopt this update in the first quarter of fiscal 2013. Other than the change in presentation, this accounting standards update will not have an impact on our
financial position and results of operations.
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