Cabela's 2014 Annual Report Download - page 74

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64
(1) Excludes amounts owed under capital lease obligations.
(2) These amounts do not include estimated interest payments due under our revolving credit facilities or our
secured variable funding obligations because the amount that will be borrowed under these facilities in future
years is uncertain.
(3) Includes approximately $524 million of estimated contractual obligations and commitments related to the
development, construction, and completion of new retail stores, a new distribution center, and expansion of
our corporate offices. The table does not include any amounts for contractual obligations associated with
retail store locations where we are in the process of certain negotiations.
(4) Our purchase obligations relate primarily to purchases of inventory, shipping, and other goods and services
in the ordinary course of business under binding purchase orders or contracts. The amount of purchase
obligations shown is based on assumptions regarding the legal enforceability against us of purchase orders or
contracts we had outstanding at the end of 2014. Under different assumptions regarding our rights to cancel
our purchase orders or contracts, or different assumptions regarding the enforceability of the purchase orders
or contracts under applicable laws, the amount of purchase obligations shown in the preceding table would
be less.
(5) Amounts for unrecognized tax benefits that we believe will be settled within the next fiscal year are reflected
in 2015. Amounts for unrecognized tax benefits are not reflected in years 2016 through 2019 since the
ultimate amount and timing of any future cash settlements cannot be predicted with reasonable certainty.
The following table provides summary information concerning other commercial commitments at
December 27, 2014:
(In Thousands)
Letters of credit (1) $ 12,821
Standby letters of credit (1) 7,243
Revolving line of credit for boat and ATV inventory (2) 9,252
Cabela’s issued letters of credit 43,105
Bank – federal funds (3) -
Secured variable funding obligations of the Trust (4) 480,000
Tot al $ 552,421
(1) Our credit agreement allows for maximum borrowings of $775 million and permits the issuance of letters of
credit up to $75 million and swing line loans up to $30 million. At December 27, 2014, the total amount of
borrowings under this revolving line of credit was $200 million, including lender letters of credit and standby
letters of credit. Our credit agreement for operations in Canada is for $20 million CAD, of which all was
available for borrowing at December 27, 2014.
(2) The line of credit for boat and all-terrain vehicles financing is limited by the $775 million revolving line of
credit to $75 million of secured collateral.
(3) The maximum amount that can be borrowed on the federal funds agreements is $85 million.
(4) The maximum amount that can be borrowed from third party investors on the variable funding facilities is
$1.0 billion.
Off-Balance Sheet Arrangements
Operating Leases – We lease various items of office equipment and buildings. Rent expense for these
operating leases is recorded in selling, distribution, and administrative expenses in the consolidated statements of
income. Future obligations are shown in the preceding contractual obligations table.