Cabela's 2008 Annual Report Download - page 99

Download and view the complete annual report

Please find page 99 of the 2008 Cabela's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 117

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117

94
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
22. SUPPLEMENTAL CASH FLOW INFORMATION
The following table sets forth non-cash financing and investing activities and other cash flow information for
the years ended:
2008 2007 2006
Non-cash financing and investing activities:
Accrued property and equipment additions (1) $ 12,304 $48,534 $19,852
Capital lease obligations - 201 5,649
Contribution of land received 5,015 19,000 -
Issuance of restricted common stock 1,167 - -
Other cash flow information:
Interest paid $ 42,575 $30,273 $19,017
Capitalized interest (2,472)(4,069)(355)
Interest paid, net of capitalized interest $ 40,103 $26,204 $18,662
Income taxes, net $ 55,594 $33,575 $41,012
(1) Accrued property and equipment additions are recognized in the consolidated statements of cash flows in the
period they are paid.
23. SEGMENT REPORTING
We have three reportable segments: Retail, Direct, and Financial Services. The Retail segment sells products
and services through our retail stores; the Direct segment sells products through direct mail catalogs and e-commerce
websites (Cabelas.com and complementary websites); and the Financial Services segment issues co-branded credit
cards. For the Retail segment, operating costs primarily consist of labor, advertising, depreciation, and occupancy
costs of retail stores. For the Direct segment, operating costs primarily consist of catalog costs, e-commerce
advertising costs, and order processing costs. For the Financial Services segment, operating costs primarily consist
of advertising and promotion, marketing fees, third party services for processing credit card transactions, salaries,
and other general and administrative costs.
Revenues included in Corporate Overhead and Other are primarily made up of land sales, amounts received from
our outfitter sevices, real state rental income, and fees earned through our travel business an other complementary
business services. Corporate Overhead and Other expenses include unallocated shared-service costs, operations
of various ancillary subsidiaries such as real estate development and travel, and eliminations. Unallocated shared-
service costs include receiving, distribution, and storage costs of inventory, merchandising, and quality assurance
costs, as well as corporate headquarters occupancy costs.
Segment assets are those directly used in or clearly allocable to an operating segment’s operations. For the
Retail segment, assets primarily include inventory in the retail stores, land, buildings, fixtures, and leasehold
improvements. For the Direct segment, assets primarily include deferred catalog costs and fixed assets. At the end of
2008, goodwill totaling $2,874 was included in the assets of the Retail segment. At the end of 2007, goodwill totaling
$4,474 was allocated between the Direct and Retail segments, with $969 being allocated to the Direct segment and
$3,505 being allocated to the Retail Segment. For the Financial Services segment, assets primarily include cash,
credit card loans, retained interest, receivables, fixtures, and other assets. Assets for the Corporate Overhead and
Other segment include corporate headquarters and facilities, merchandise distribution inventory, shared technology