Cabela's 2004 Annual Report Download - page 90

CABELA'S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
(Dollar Amounts in Thousands Except Share and Per Share Amounts)
to the extent the hedge is eÅective in mitigating the exposure to the related anticipated transaction. Any
ineÅectiveness associated with the hedge is recognized immediately in the income statement. Amounts
deferred within accumulated other comprehensive income are recognized in the income statement in the
same period during which the hedged transaction aÅects earnings.
Comprehensive Income Ì Comprehensive income consists of net income, derivative adjustments and
unrealized gains and losses on available-for-sale securities, net of related income taxes.
Earnings Per Share Ì Basic earnings per share (""EPS'') is computed by dividing net income by the
weighted average number of shares of common stock outstanding during the period. Diluted earnings per
share is computed by dividing net income by the sum of the weighted average number of shares
outstanding plus all additional common shares that would have been outstanding if potentially dilutive
common share equivalents had been issued.
ReclassiÑcations Ì Certain reclassiÑcations have been made to prior year Ñnancial statements and the
notes to conform to the current year presentation.
Supplemental Cash Flow Information Ì The following table sets forth non-cash Ñnancing and
investing activities and other cash Öow information.
Fiscal Year Ended
2004 2003 2002
Non-cash Ñnancing and investing activities:
Contribution of assets in exchange for investment in Great
Wolf Lodge, LLC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 3,400 $ Ì $ 4,000
Contribution of land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 6,038 $ Ì $ Ì
Capital lease obligation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 8,728 $ Ì $ Ì
Other cash Öow information:
Interest paid, net of amounts capitalized ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $11,360 $11,086 $ 6,756
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $24,026 $21,453 $20,104
Recently Issued Accounting Pronouncements Ì At the March 17-18, 2004 EITF meeting the Task
Force reached a consensus on Issue No. 03-1. The Meaning of Other-Than-Temporary Impairment and
Its Application to Certain Investments. Issue 03-1 provides guidance for determining when an investment
is other-than-temporarily impaired that is incremental to the consideration in this Issue- speciÑcally,
whether an investor has the ability and intent to hold an investment until recovery. In addition, Issue 03-1
contains disclosure requirements that provide useful information about impairments that have not been
recognized as other than temporary for investments within the scope of this Issue. The guidance for
evaluating whether an investment is other-than-temporarily impaired should be applied in other-than-
temporary impairment evaluations made in reporting periods beginning after June 15, 2004. The
disclosures are eÅective in annual Ñnancial statements for Ñscal years ending after December 15, 2003, for
investments accounted for under SFAS No. 115 Accounting for Certain Investments in Debt and Equity
Securities and SFAS No. 124 Accounting for Certain Investment Held by Not-for-ProÑt Organizations.
For other investments within the scope of this Issue, the disclosures are eÅective in annual Ñnancial
statements for Ñscal years ending after June 15, 2004. The additional disclosure for cost method
investments are eÅective for Ñscal years ending after June 15, 2004. Comparative information for periods
prior to initial application is not required. The adoption of this Issue did not have a material impact on the
Company's Ñnancial position, results of operations or cash Öows. In September 2004, the FASB issued
StaÅ Position 03-1-1 which deferred the eÅective date for the measurement and recognition guidance
contained in EITF paragraphs 10-20 of Issue 03-1. This delay does not suspend the requirement to
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