Cabela's 2007 Annual Report Download - page 71

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65
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Cash Flows from Securitizations:
The following table summarizes the cash flows received from the securitization trust during the years ended:
2007 2006 2005
Proceeds from new securitizations, net . . . . . . . . . . . . . . . . . . . . . . . . . . $ 336,000 $267,000 $237,000
Collections used by the trust to purchase new balances in
revolving credit card securitizations .......................... 8,040,206 6,727,177 5,578,746
Servicing fees received ....................................... 30,077 24,352 19,468
Other cash flows received by the transferor other than
servicing fees ........................................... 188,633 157,259 124,396
Certain restrictions exist related to securitization transactions that protect certificate and note holders against
declining performance of the credit card loans. In the event performance declines outside stated parameters and
waivers are not granted by certificate holders, note holders and/or credit enhancement providers, a rapid amortization
of the certificates and notes could potentially occur. The credit card loans were performing within established
guidelines during 2007, 2006 and 2005.
5. PROPERTY AND EQUIPMENT
Property and equipment included the following at the years ended:
Depreciable Life
in Years 2007 2006
Land and improvements ................................... Up to 20 $ 172,582 $91,561
Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 to 40 470,067 303,600
Furniture, fixtures and equipment ........................... 3 to 15 378,050 281,521
Assets held under capital lease .............................. 30 14,562 14,363
Property and equipment ................................... 1,035,261 691,045
Less accumulated depreciation and amortization . . . . . . . . . . . . . . . (246,178)(190,912)
789,083 500,133
Construction in progress .................................. 114,969 99,932
$904,052 $600,065