Cabela's 2009 Annual Report Download - page 46

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37
January 3,
2010
Effect of
Adopting
ASC 860
January 3, 2010
After ASC
Adoption
ASSETS
Cash and cash equivalents $ 582,185 $ - $ 582,185
Accounts receivable and inventories, net 472,059 -472,059
Restricted credit card loans - 2,545,080 2,545,080
Unrestricted credit card loans 142,982 (126,328)16,654
Allowance for loan losses on credit cards (7,047)(108,900)(115,947)
Credit card loans, net 135,935 2,309,852 2,445,787
Prepaid expenses and other current assets 150,913 20,722 171,635
Total current assets 1,341,092 2,330,574 3,671,666
Property, equipment, and land held for sale, net 842,537 -842,537
Retained interests in securitized loans, net 176,034 (176,034) -
Economic development bonds and other assets 132,222 -132,222
Total assets $ 2,491,885 $ 2,154,540 $ 4,646,425
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accruals and other current liabilities $ 665,325 $9,703 $675,028
Secured variable funding obligations of the Trust - 400,000 400,000
Current maturities of secured long-term
obligations of the Trust - 749,500 749,500
Current maturities of Cabela’s long-term debt 3,101 -3,101
Income taxes payable and deferred income taxes 53,312 (26,358)26,954
Total current liabilities 721,738 1,132,845 1,854,583
Secured long-term obligations of the Trust,
less current maturities - 1,123,400 1,123,400
Long-term debt of Cabela’s, less current maturities 345,178 -345,178
Other long-term liabilities and deferred income taxes 440,548 (8,897) 431,651
Total liabilities 1,507,464 2,247,348 3,754,812
Common stock and additional paid-in capital 286,163 -286,163
Retained earnings 697,293 (89,158)608,135
Accumulated other comprehensive income (loss) 965 (3,650)(2,685)
Total stockholders’ equity 984,421 (92,808)891,613
Total liabilities and stockholders’ equity $ 2,491,885 $2,154,540 $4,646,425
For fiscal 2010, the results of operations of our Financial Services business will now look similar to our non-
generally accepted accounting principles (“non-GAAP”) presentation for financial performance of the total managed
portfolio of credit card loans, excluding income derived from the changes in the valuation of our interest only strip,
cash reserve accounts, and cash accounts associated with the securitized loans.
On January 21, 2010, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation,
the Office of Thrift Supervision, and the Federal Reserve (collectively, the “federal agencies”) issued final rules relating
to changes to regulatory capital as a result of ASC Topics 810 and 860. WFB’s required capital will be increased with
the consolidation of the assets and liabilities of the Trust on WFB’s balance sheet under ASC Topics 810 and 860. The
final rule provides an optional two-quarter delay and subsequent two-quarter phase-in (for a maximum of one year) for
the effect on risk-based capital relating to the assets that must be consolidated as a result of the change in accounting
principles. The effect of changes to regulatory capital requirements is expected to cause us to contribute approximately
$200 million in additional capital to WFB during 2010 to meet the capital needs of our Financial Services business.
We had sufficient cash at January 2, 2010, to provide the necessary capital contribution to WFB so WFB can meet