Cabela's 2009 Annual Report Download - page 65
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56
The following table highlights the growth of our retail stores, and the activity of economic development bonds
related to the construction of these stores and related projects, for the years ended:
2009 2008
(Dollars In Thousands)
Property and equipment additions $ 49,113 $91,164
Purchases of economic development bonds - 18,525
Total $ 49,113 $109,689
Proceeds from retirements and maturities of economic development bonds $ 2,654 $3,405
Number of new retail stores opened or acquired during the year 1 2
Number of retail stores at the end of the year 30 29
Financing Activities – Cash provided by financing activities decreased $238 million in 2009 compared to
2008. This net decrease from financing activities was primarily due to the change in WFB’s borrowing of time
deposits, which WFB utilizes to fund its credit card operations, decreasing $8 million in 2009 compared to a net
increase of $326 million in 2008. Our lines of credit, short and long-term debt, and the variable funding facility of
WFB, decreased $26 million in 2009 compared to a decrease of $129 million in 2008.
Effective December 11, 2009, we decreased our unsecured revolving credit facility to $350 million from $430
million. In addition, we amended the terms of the credit agreement to allow us to contribute up to $225 million of
capital to WFB in 2010 plus up to $25 million of capital per year through June 30, 2012, when this credit agreement
expires. We paid fees totaling $1.85 million to facilitate the amendment. All other terms of the credit agreement
remained unchanged. The credit facility may be increased to $450 million and permits the issuance of up to $200
million in letters of credit and standby letters of credit, which reduce the overall credit limit available under the credit
facility. There were no amounts outstanding at January 2, 2010, under this credit agreement. Advances under the
credit facility are used for general business purposes, including working capital support.
The following table highlights the borrowing activity of our merchandising business and bank operations for
the years ended:
2009 2008
(In Thousands)
Borrowings on (repayment of) lines of credit and short-term debt, net $ (25,901) $ (37,575)
Borrowing on (repayment of) variable funding facility – WFB - (100,000)
Issuances (repayments) of long-term debt, net of repayments (289)8,326
Total $(26,190) $ (129,249)
The following table summarizes our availability under debt and credit facilities, excluding the facilities of
WFB, at the end of years:
2009 2008
(In Thousands)
Amounts available for borrowing under credit facilities (1) $ 365,000 $445,000
Principal amounts outstanding - (26,465)
Outstanding letters of credit and standby letters of credit (11,394)(16,117)
Remaining borrowing capacity $ 353,606 $402,418