Cabela's 2010 Annual Report Download - page 97

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87
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
11. TIME DEPOSITS
WFB accepts time deposits only in amounts of at least one hundred thousand dollars. All time deposits are
interest bearing. The aggregate amount of time deposits by maturity at the end of 2010 was as follows:
2011 $148,619
2012 87,859
2013 103,393
2014 32,061
2015 137,734
Thereafter 3,085
512,751
Less current maturities (148,619)
Deposits classified as non-current liabilities $ 364,132
Time deposits include brokered institutional certificates of deposit totaling $492,286 and $452,182 at the end
of 2010 and 2009, respectively.
12. BORROWINGS OF FINANCIAL SERVICES SUBSIDIARY
With the adoption of ASC Topics 810 and 860, the issued debt of the Trust was consolidated as of January 3,
2010. See Note 3 for additional information on the consolidation of the Trust. The obligations of the Trust are
secured borrowings backed by credit card loans. The following table presents as of January 1, 2011, a summary
of the secured fixed and variable rate long-term obligations of the Trust, the expected maturity dates, and the
respective weighted average interest rates.
Expected
Maturity
Date Fixed Rate
Obligations Interest
Rate Variable Rate
Obligations Interest
Rate Total
Obligations Interest
Rate
Series 2006-III October 2011 $ 250,000 5.26% $ 250,000 0.44% $ 500,000 2.85%
Series 2008-IV September 2011 122,500 7.29 75,900 4.49 198,400 6.22
Series 2009-I March 2012 - - 425,000 2.26 425,000 2.26
Series 2010-I January 2015 - - 255,000 1.71 255,000 1.71
Series 2010-II August 2015 127,500 2.29 85,000 0.96 212,500 1.76
Total secured long-term
obligations of the Trust 500,000 1,090,900 1,590,900
Less: current maturities (372,500)(325,900)(698,400)
Secured long-term
obligations of the Trust,
less current maturities $ 127,500 $765,000 $892,500
The Trust also issues variable funding facilities which are considered secured borrowings backed by credit
card loans. At January 1, 2011, the Trust had two variable funding facilities with $575,000 in available capacity
and $393,000 outstanding. The two variable funding facilities are scheduled to mature in September 2011 and
November 2011, respectively, and include an option to renew. Variable rate note interest is priced at a benchmark
rate, London Interbank Offered Rate (“LIBOR”) or commercial paper rate, plus a spread, which ranges from 0.76%
to 0.95%. The variable rate notes provide for a fee ranging from 0.41% to 0.60% on the unused portion of the
facilities. During the year ended January 1, 2011, the daily average balance outstanding on these notes was $29,764
with a weighted average interest rate of 0.99%.