Cabela's 2010 Annual Report Download - page 89

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79
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
The following table shows the Company’s opening consolidated balance sheet on January 3, 2010, including
the assets and liabilities of the Trust, pursuant to the adoption of ASC Topics 810 and 860:
January 3,
2010
Effect of
Adopting
ASC Topics
810 and 860
After
Adoption
January 3,
2010
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 137,309 (120,655)16,654
Allowance for loan losses on credit cards (1,374)(114,573)(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 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 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, 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
At the beginning of fiscal 2010, WFB’s required capital was increased under regulatory capital requirements
of the applicable federal agencies due to the consolidation of the assets and liabilities of the Trust on WFB’s balance
sheet. As of December 31, 2010, the most recent notification from the Federal Deposit Insurance Corporation
(“FDIC”) categorized WFB as well-capitalized under the regulatory framework for prompt corrective action. In order
for WFB to continue to meet the minimum requirements for the well-capitalized classification under the regulatory
framework for prompt corrective action, Cabela’s invested $150,000 in 2010 in additional capital in WFB.