Cabela's 2009 Annual Report Download - page 101

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92
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
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
2010 $1,009 $2,902
2011 1,000 -
2012 1,000 8,143
2013 1,000 8,143
2014 1,000 8,143
Thereafter 21,500 307,571
26,509 334,902
Capital lease amount representing interest (13,132)
Present value of net scheduled lease payments $ 13,377 13,377
Total long-term debt and capital leases $ 348,279
13. IMPAIRMENT AND RESTRUCTURING CHARGES
In connection with the preparation of our consolidated financial statements during 2009, 2008, and 2007, we
evaluated the recoverability of property, equipment, land held for sale, economic development bonds, goodwill,
and other intangible assets. This evaluation included our existing store locations and future retail store sites. In
accordance with the provisions of FASB ASC Topic 360, Property, Plant, and Equipment, of FASB ASC Topic 320,
Investments—Debt and Equity Securities, and FASB ASC Topic 350 Intangibles—Goodwill and Other, we recognized
impairments totaling $62,326, $4,114, and $1,205 recognized in earnings in 2009, 2008, and 2007. Economic trends
could change undiscounted cash flows in future periods which could trigger possible future write downs.
In 2009, 2008, and 2007, we evaluated the recovery of certain economic development bonds and determined
that the fair value of these bonds was below carrying value, with the decline in fair value deemed to be other than
temporary, which resulted in fair value adjustments totaling $8,032, $1,280, and $6,733 at the end of 2009, 2008,
and 2007, respectively. These write-downs resulted in impairment charges of $2,099, $558, and $1,205, respectively,
reflected in earnings for the years ended 2009, 2008 and 2007.
In 2009 we incurred charges totaling $4,468 for severance and related benefits primarily from outplacement
costs and a voluntary retirement plan implemented in February 2009. In October 2008, we announced a reduction in
workforce of approximately 10% at our company headquarters which resulted in $1,670 recorded in severance and
related benefits under this workforce reduction plan. All impairment and restructuring charges were recorded to the
Corporate Overhead and Other segment for 2009 and 2008.
Impairment and restructuring charges were classified as follows for years ended:
2009 2008 2007
Impairment losses on:
Property and equipment $ 43,721 $1,632 $ -
Land held for sale 16,046 854 -
Economic development bonds 2,099 558 1,205
Goodwill and intangible assets 460 1,070 -
62,326 4,114 1,205
Restructuring charges for:
Severance and related benefits 4,468 1,670 -
Total $66,794 $5,784 $1,205