Cabela's 2008 Annual Report Download - page 90

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85
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
We have a lease agreement for our distribution facility in Wheeling, West Virginia. The lease term is through
June 2036. The monthly installments are $83 and the lease contains a bargain purchase option at the end of the lease
term. We are accounting for this lease as a capital lease and have recorded the additional leased asset at the present
value of the future minimum lease payments using a 5.9% implicit rate. The additional leased asset was recorded at
$5,649 and is being amortized on a straight-line basis over 30 years.
Aggregate expected maturities of long-term debt and scheduled capital lease payments for the years shown are
as follows:
Scheduled Capital
Lease Payments Long-Term Debt
Maturities
2009 $1,075 $ 588
2010 1,000 7,087
2011 1,000 663
2012 1,000 28,842
2013 1,000 8,889
Thereafter 22,500 320,297
27,575 366,366
Capital lease amount representing interest (13,910)
Present value of net scheduled lease payments $ 13,665 13,665
Total long-term debt and capital leases $ 380,031
14. INTEREST (EXPENSE) INCOME, NET
Interest expense, net of interest income, consisted of the following for years ended:
2008 2007 2006
Interest expense $ (32,180) $ (24,312) $ (18,302)
Capitalized interest 2,472 4,069 355
Interest income 50 1,465 1,821
$(29,658) $ (18,778) $ (16,126)
15. INCOME TAXES
The provision for income taxes consisted of the following for the years ended:
2008 2007 2006
Current:
Federal $32,503 $47,431 $24,601
State 2,400 4,993 2,840
34,903 52,424 27,441
Deferred:
Federal 7,233 (599)22,225
State (305) (477)1,805
6,928 (1,076)24,030
$41,831 $51,348 $51,471