UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended January 31, 1995
__________________
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________to________
Commission file number 0-12994
Nordstrom Credit, Inc.
______________________________________________________
(Exact name of Registrant as specified in its charter)
Colorado 91-1181301
________________________________ ___________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
13531 East Caley, Englewood, Colorado 80111
_______________________________________________________
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: 303-397-4700
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.50 par value
_______________________________
(Title of class)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES /X/ NO / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. /X/
On March 21, 1995 Registrant had 10,000 shares of Common stock ($.50 par
value) outstanding; all such shares are owned by Registrant's parent,
Nordstrom, Inc.
The Registrant meets the conditions set forth in General Instruction J(1)(a)
and (b) of Form 10-K and is therefore filing this Form with the reduced
disclosure format.
1 of 17
PART I
Item 1. Business.
------------------
The information required under this item is included in Note 1 to
the Financial Statements on page 13 of this report, which is incorporated
herein by reference.
Item 2. Properties.
--------------------
The Company owns an office building in Englewood, Colorado where it locates
its principal offices.
Item 3. Legal Proceedings.
---------------------------
The Company is not a party to any material legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders.
-------------------------------------------------------------
Not required under reduced disclosure format.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters.
------------------------------------------------------------------------------
The class of securities registered is the Company's Common Stock, $.50 par
value per share. There are 100,000 shares of authorized Common Stock, of
which 10,000 shares were issued and outstanding as of March 21, 1995. The
Company's common stock is owned entirely by Nordstrom, Inc. The stock has not
been traded and, accordingly, no market value has been established. In
addition, no dividends have been paid or declared.
Item 6. Selected Financial Data.
---------------------------------
Not required under reduced disclosure format.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
-------------------------------------------------------------------------
Interest expense increased in 1994 due primarily to higher short-term interest
rates.
Certain other information required under this item is included in Note 1 to
the Financial Statements on page 13 of this report, which is incorporated
herein by reference.
2 of 17
Item 8. Financial Statements and Supplementary Data.
----------------------------------------------------
A) Financial Statements and Supplementary Data
The financial statements listed in the Index to Financial Statements
and Schedule on page 7 of this Report are incorporated herein by
reference.
B) Other Financial Statements and Schedule
The schedule required under Regulation S-X is filed pursuant to Item
14 of this Report.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
------------------------------------------------------------------------
None
PART III
Item 10. Directors and Executive Officers of the Registrant.
------------------------------------------------------------
Not required under reduced disclosure format.
Item 11. Executive Compensation.
--------------------------------
Not required under reduced disclosure format.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
------------------------------------------------------------
Not required under reduced disclosure format.
Item 13. Certain Relationships and Related Transactions.
--------------------------------------------------------
Not required under reduced disclosure format.
3 of 17
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
--------------------------------------------------------------------------
(a)1. Financial Statements
--------------------
The following financial statements of the Company and the Independent
Auditors' Report are incorporated by reference in Part II, Item 8:
Independent Auditors' Report
Statements of Earnings
Balance Sheets
Statements of Investment of Nordstrom, Inc.
Statements of Cash Flows
Notes to Financial Statements
(a)2. Financial Statement Schedules
-----------------------------
The financial statement schedule listed in the Index to Financial
Statements and Schedule on page 7 of this Report is incorporated
herein by reference.
(a)3. Exhibits
--------
(3.1) Articles of Incorporation of the Registrant are hereby incorporated
by reference from the Registrant's Form 10-K for the year ended
January 31, 1991, Exhibit 3.1.
(3.2) By-laws of the Registrant are hereby incorporated by reference from
the Registrant's Form 10-K for the year ended January 31, 1991,
Exhibit 3.2.
(4.1) Indenture between Registrant and First Interstate Bank of Denver,
N.A., as successor trustee, dated November 15, 1984, the First
Supplement thereto dated January 15, 1988, the Second Supplement
thereto dated June 1, 1989, and the Third Supplement thereto dated
October 19, 1990 are hereby incorporated by reference from
Registration No. 33-3765, Exhibit 4.2; Registration No. 33-19743,
Exhibit 4.2; Registration No. 33-29193, Exhibit 4.3; and Registrant's
Annual Report on Form 10-K for the year ended January 31, 1991,
Exhibit 4.2, respectively.
(4.2) Trustee Resignation of First Interstate Bank of Washington, N.A.
dated March 13, 1995 is filed herein as an Exhibit.
(4.3) Trustee Acceptance of First Interstate Bank of Denver, N.A. dated
March 13, 1995 is filed herein as an Exhibit.
(10.1) Investment Agreement dated October 8, 1984 between Registrant and
Nordstrom, Inc. is hereby incorporated by reference from the
Registrant's Form 10, Exhibit 10.1.
4 of 17
(10.2) Operating Agreement dated August 30, 1991 between Registrant and
Nordstrom National Credit Bank is hereby incorporated by reference
from the Registrant's Form 10-Q for the quarter ended July
31, 1991, Exhibit 10.1, as amended.
(10.3) Operating Agreement for VISA Accounts and Receivables dated May 1,
1994 between Registrant and Nordstrom National Credit Bank is hereby
incorporated by reference from Registration No. 33-55905, Exhibit
10.1.
(10.4) Credit Agreement dated June 30, 1992, as amended January 1, 1993,
between Registrant and Seattle-First National Bank of Washington is
hereby incorporated by reference from the Registrant's Form 10-K for
the year ended January 31, 1993, Exhibit 10.5
(10.5) Second Amendment to the Credit Agreement dated June 30, 1992, as
amended January 1, 1993, between Registrant and Seattle-First
National Bank of Washington dated June 29, 1993 is hereby
incorporated by reference from the Registrant's Form 10-K for the
year ended January 31, 1994, Exhibit 10.4.
(10.6) Third Amendment to the Credit Agreement dated June 30, 1992, as
amended January 1, 1993 and June 29, 1993, between Registrant and
Bank of America National Trust and Savings Association dated June 30,
1994 is filed herein as an Exhibit.
(10.7) Fourth Amendment to the Credit Agreement dated June 30, 1992, as
amended January 1, 1993, June 29, 1993 and June 30, 1994, between
Registrant and Bank of America National Trust and Savings Association
dated January 20, 1995 is filed herein as an Exhibit.
(10.8) Loan Agreement dated November 24, 1992 between Registrant and
Nordstrom, Inc. is hereby incorporated by reference from the
Registrant's Form 10-K for the year ended January 31, 1993, Exhibit
10.6.
(10.9) Loan Agreement dated June 25, 1994, as amended December 1, 1994,
between Registrant and a group of commercial banks is filed herein as
an Exhibit.
(10.10) Loan Agreement dated June 10, 1985, as amended May 19, 1994, between
Registrant and Morgan Guaranty Trust Company of New York is filed
herein as an Exhibit.
(12.1) Computation of Ratio of Earnings Available for Fixed Charges
to Fixed Charges is filed herein as an Exhibit.
(23.1) Independent Auditors' Consent is filed herein as an Exhibit.
(27.1) Financial Data Schedule is filed herein as an Exhibit.
All other exhibits are omitted because they are not applicable, or not
required, or because the required information is included in the financial
statements or notes thereto.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the last quarter of the
period for which this report is filed.
5 of 17
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this annual report to be signed on
its behalf by the undersigned, thereunto duly authorized.
NORDSTROM CREDIT, INC.
(Registrant)
Date March 31, 1995 by /s/ John A. Goesling
__________________ ____________________________________________
John A. Goesling
Executive Vice President and Treasurer
(Principal Accounting and Financial Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the date indicated.
/s/ John A. McMillan /s/ James F. Nordstrom
_____________________________________ _____________________________________
John A. McMillan James F. Nordstrom
Co-Chairman of the Board of Directors Co-Chairman of the Board of Directors
/s/ Bruce A. Nordstrom /s/ John N. Nordstrom
_____________________________________ ______________________________________
Bruce A. Nordstrom John N. Nordstrom
Co-Chairman of the Board of Directors Co-Chairman of the Board of Directors
/s/ John Walgamott /s/ John A. Goesling
_____________________________________ ______________________________________
John Walgamott John A. Goesling
President Executive Vice President and Treasurer
(Principal Executive Officer) (Principal Accounting and
Financial Officer)
Date March 31, 1995
______________________
6 of 17
NORDSTROM CREDIT, INC.
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
Page
Number
------
Independent Auditors' Report 8
Statements of Earnings 9
Balance Sheets 10
Statements of Investment of Nordstrom, Inc. 11
Statements of Cash Flows 12
Notes to Financial Statements 13
Additional financial information required to be furnished -
Financial Statement Schedule:
II - Valuation and Qualifying Accounts 17
All other schedules have been omitted because they are inapplicable, not
required, or the information is included elsewhere in the financial statements
or notes thereto.
7 of 17
INDEPENDENT AUDITORS' REPORT
Board of Directors
Nordstrom Credit, Inc.
Englewood, Colorado
We have audited the accompanying balance sheets of Nordstrom Credit, Inc. as
of January 31, 1995 and 1994, and the related statements of earnings,
investment of Nordstrom, Inc. and cash flows for each of the three years in
the period ended January 31, 1995. Our audits also included the financial
statement schedule listed in Item 14(a)2. These financial statements and the
financial statement schedule are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements and financial statement schedule based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Nordstrom Credit, Inc. as of January 31,
1995 and 1994, and the results of its operations and its cash flows for each
of the three years in the period ended January 31, 1995, in conformity with
generally accepted accounting principles. Also, in our opinion, such
financial statement schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material
respects the information set forth therein.
Deloitte & Touche LLP
Seattle, Washington
March 10, 1995
8 of 17
NORDSTROM CREDIT, INC
STATEMENTS OF EARNINGS
(Dollars in thousands)
Year Ended January 31, 1995 1994 1993
---------------------- ------- ------- -------
Revenue:
Service charge income $92,592 $91,026 $92,553
Rental income from Nordstrom
National Credit Bank 1,044 1,044 1,044
------- ------- -------
Total revenue 93,636 92,070 93,597
Expenses:
Interest, net 31,074 29,465 33,593
Service fees paid to Nordstrom
National Credit Bank 28,056 28,551 28,848
General and administrative 2,461 1,682 1,835
------- ------- -------
Total expenses 61,591 59,698 64,276
------- ------- -------
Earnings before income taxes 32,045 32,372 29,321
Income taxes 11,600 11,700 10,400
------- ------- -------
Net earnings $20,445 $20,672 $18,921
======= ======= =======
Ratio of earnings available for
fixed charges to fixed charges 2.03 2.09 1.87
======= ======= =======
<FN>
See notes to financial statements.
9 of 17
NORDSTROM CREDIT, INC.
BALANCE SHEETS
(Dollars in thousands)
January 31, 1995 1994
----------- -------- --------
ASSETS
------
Cash and cash equivalents $ 440 $ 1,694
Customer accounts receivable,
net of holdback allowance of
$22,958 and $23,145 656,263 564,495
Other accounts receivable 4,807 3,977
Property and equipment, net 5,685 5,987
Other assets 1,429 1,677
-------- --------
$668,624 $577,830
======== ========
LIABILITIES AND INVESTMENT OF NORDSTROM, INC.
---------------------------------------------
Notes payable to Nordstrom, Inc. $148,000 $112,500
Notes payable to bank 50,000 25,000
Commercial paper 37,388 15,337
Accrued interest, taxes and other 10,963 9,665
Long-term debt 252,100 265,600
-------- --------
Total liabilities 498,451 428,102
Investment of Nordstrom, Inc. 170,173 149,728
-------- --------
$668,624 $577,830
======== ========
<FN>
See notes to financial statements.
10 of 17
NORDSTROM CREDIT, INC.
STATEMENTS OF INVESTMENT OF NORDSTROM, INC.
(Dollars in thousands except per share amount)
Common Stock, $.50 par value,
100,000 shares authorized
------------------------- Retained
Shares Amount Earnings Total
------ ------ -------- -----
Balance at
February 1, 1992 10,000 $55,058 $55,077 $110,135
Net earnings - - 18,921 18,921
------ ------- ------- --------
Balance at
January 31, 1993 10,000 55,058 73,998 129,056
Net earnings - - 20,672 20,672
------ ------- ------- --------
Balance at
January 31, 1994 10,000 55,058 94,670 149,728
Net earnings - - 20,445 20,445
------ ------- ------- --------
Balance at
January 31, 1995 10,000 $55,058 $115,115 $170,173
====== ======= ======== ========
<FN>
See notes to financial statements.
11 of 17
NORDSTROM CREDIT, INC.
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Year Ended January 31, 1995 1994 1993
---------------------- ------- ------- -------
OPERATING ACTIVITIES:
Net earnings $20,445 $20,672 $18,921
Adjustments to reconcile net earnings
to net cash (used in) provided by
operating activities:
Depreciation and amortization 924 640 664
Change in:
Customer accounts receivable, net (91,768) 18,716 981
Other accounts receivable (830) (269) 3,787
Accrued interest, taxes and other 1,298 (304) (85)
------- ------- -------
Net cash (used in) provided by
operating activities (69,931) 39,455 24,268
------- ------- -------
INVESTING ACTIVITIES:
(Additions to) disposition of property
and equipment, net (30) (167) 4
------- ------- -------
FINANCING ACTIVITIES:
Increase in notes payable
to Nordstrom, Inc. 35,500 - 90,150
Increase (decrease) in notes payable
to banks 25,000 - (25,000)
Increase (decrease) in commercial paper 22,051 2,018 (71,416)
Proceeds from issuance of
long-term debt, net 49,656 - -
Principal payments on long-term debt (63,500) (40,000) (19,400)
------- ------- -------
Net cash provided by (used in)
financing activities 68,707 (37,982) (25,666)
------- ------- -------
Net (decrease) increase in cash and
cash equivalents (1,254) 1,306 (1,394)
Cash and cash equivalents at beginning
of year 1,694 388 1,782
------- ------- -------
Cash and cash equivalents at end of year $ 440 $ 1,694 $ 388
======= ======= =======
<FN>
See notes to financial statements.
12 of 17
NORDSTROM CREDIT, INC.
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
NOTE 1 - DESCRIPTION OF BUSINESS
Nordstrom Credit, Inc. (the "Company"), a wholly-owned subsidiary of
Nordstrom, Inc. ("Nordstrom") was incorporated in the State of Washington in
1982 and reincorporated in the State of Colorado in 1990. The primary
business of the Company is to finance customer accounts receivable generated
under revolving charge accounts through sales of merchandise in Nordstrom
stores ("Accounts"), and through purchases by customers using the Nordstrom
National Credit Bank (the "Bank") VISA cards ("VISA Accounts"). The Accounts
and the VISA Accounts are originated through the use of credit cards issued by
the Bank, a national banking association organized as a wholly-owned
subsidiary of Nordstrom, effective August 30, 1991. The Bank's VISA card
program commenced in May 1994.
The Company and the Bank are parties to an Operating Agreement dated August
30, 1991 (the "Operating Agreement") pursuant to which the Company purchases
Accounts from the Bank for a price equal to the amount of Accounts originated
less an allowance for amounts to be written off (the "holdback allowance").
The Company and the Bank are also parties to an Operating Agreement for VISA
Accounts and Receivables (the "VISA Operating Agreement") dated May 1, 1994.
Under this agreement, the Company purchases VISA Accounts from the Bank under
the same terms and conditions as the Operating Agreement, with the exception
of the allowance for amounts to be written off. Amounts written off will be
charged to the Company, except for amounts written off with respect to sales
occurring at Nordstrom stores, for which Nordstrom has agreed to indemnify the
Company. Under the terms of both Operating Agreements, the Bank performs the
servicing functions for the Accounts and the VISA Accounts, and the Company
pays the Bank a servicing fee which may change from time to time but is
currently 1.59% of the amount of such Accounts originated.
The Company and Nordstrom are parties to an Investment Agreement dated October
8, 1984 (the "Investment Agreement") which, among other things, governs
ownership of Company stock and the financial relationships between Nordstrom
and the Company. The Investment Agreement requires that Nordstrom maintain
the Company's ratio of earnings available for fixed charges to fixed charges
at not less than 1.25:1 and further requires that Nordstrom retain ownership
of all the outstanding shares of stock of the Company. This agreement does
not, however, represent a guarantee by Nordstrom of the payment of any
obligation of the Company.
NOTE 2 - RENTAL INCOME
The Company owns an office building in Englewood, Colorado, and leases space
in the building to the Bank under a month-to-month agreement for $87 per
month.
13 of 17
NOTE 3 - INTEREST EXPENSE
The components of net interest expense are as follows:
Year ended January 31, 1995 1994 1993
---------------------- ------- ------- -------
Notes payable to Nordstrom, Inc. $ 2,940 $ 1,696 $ 461
Notes payable to banks 1,766 771 1,694
Commercial paper 3,320 1,590 2,780
Long-term debt 23,161 25,543 28,906
------- ------- -------
Total interest expense 31,187 29,600 33,841
Less: Interest income (113) (135) (248)
------- ------- -------
Interest, net $31,074 $29,465 $33,593
======= ======= =======
NOTE 4 - INCOME TAXES
The Company files consolidated income tax returns with Nordstrom. Income
taxes have been provided on a separate return basis, and the difference
between the effective tax rate and the statutory Federal income tax rate is
due to the provision for state and local income taxes. At January 31, 1995
and 1994, amounts due to Nordstrom for income taxes totalled $1,500 and
$1,592. The Company has no significant deferred taxes.
NOTE 5 - OTHER ACCOUNTS RECEIVABLE
Other accounts receivable consists of amounts due from the Bank for net
activity in Accounts and VISA Accounts, less service fees due the Bank. These
amounts are settled on a second business day basis.
NOTE 6 - NOTES PAYABLE AND COMMERCIAL PAPER
The notes payable to bank represents amounts borrowed from a commercial bank
as fiduciary under a master note agreement which provides for borrowings up to
$50,000. Borrowings under the Agreement bear interest at floating rates based
on a published short-term interest rate composite index (6.0% and 3.0% at
January 31, 1995 and 1994) and mature up to six months from the date of
borrowing or on demand.
The notes payable to Nordstrom, Inc. represent amounts borrowed from Nordstrom
under an Agreement dated November 24, 1992 which provides for borrowings from
time to time, depending on seasonal cash flow requirements. Borrowings under
the Agreement bear interest at floating rates based on a published short-term
interest rate composite index (6.0% and 3.0% at January 31, 1995 and 1994) and
mature up to six months from the date of borrowing or on demand. A summary of
notes payable and commercial paper is as follows:
14 of 17
NOTE 6 (continued)
Year ended January 31, 1995 1994 1993
---------------------- -------- -------- --------
Average daily borrowings
outstanding:
Nordstrom $ 60,651 $ 54,643 $ 14,072
Other 104,722 75,300 121,536
Maximum amount outstanding:
Nordstrom 204,000 182,500 138,000
Other 209,605 117,023 186,038
Weighted average interest rate:
During the year:
Nordstrom 4.8% 3.1% 3.3%
Other 4.9% 3.1% 3.7%
At year-end:
Nordstrom 6.0% 3.0% 3.0%
Other 6.0% 3.1% 3.1%
The Company has $225,000 in unsecured lines of credit which are available as
liquidity support for notes payable to bank and commercial paper issued by the
Company, and expire in June 1995 and January 1998. Under the terms of the
line-of-credit agreements, the Company must, among other things, comply with
the terms of the Investment Agreement between the Company and Nordstrom and
the Operating Agreements between the Company and Nordstrom National Credit
Bank, and maintain a ratio of total debt to tangible net worth no greater than
6 to 1. The Company pays commitment fees for the lines in lieu of
compensating balance requirements.
The carrying amount of the notes payable and commercial paper approximates
fair value because of the short maturity of these instruments.
NOTE 7 - LONG-TERM DEBT
Long-term debt consists of the following:
January 31, 1995 1994
----------- -------- --------
Medium-term notes, 7.83% - 9.6%,
due 1995 - 2001 $209,000 $210,000
Sinking fund debentures, 9.375%,
due 2016, payable in
annual installments of $3,750
beginning in 1997 43,100 55,600
-------- --------
Total long-term debt $252,100 $265,600
======== ========
Aggregate principal payments on long-term debt for the next five fiscal
years are as follows: 1995 - $25,000, 1996 - $73,000, 1997 - $53,750,
1998 - $53,750, and 1999 - $3,750.
15 of 17
NOTE 7 (continued)
The fair value of long-term debt at January 31, 1995 and 1994, estimated using
quoted market prices of the same or similar issues with the same
remaining maturity, was $257,143 and $292,358.
During the year ended January 31, 1995, the Company filed a shelf registration
statement under Form S-3 for $250 million in debt. Subsequent to year-end,
the Company issued $42 million in medium-term notes under the shelf
registration.
NOTE 8 - SUPPLEMENTARY CASH FLOW INFORMATION
For purposes of the Statements of Cash Flows, the Company considers all
short-term investments with a maturity at date of purchase of three
months or less to be cash equivalents. The carrying amount approximates
fair value because of the short maturity of these instruments.
Supplementary cash flow information is as follows:
Year Ended January 31, 1995 1994 1993
---------------------- ------- ------- -------
Cash paid during the year for:
Interest $30,005 $30,224 $34,121
Income taxes paid to
Nordstrom, Inc. 11,692 11,568 10,350
16 of 17
NORDSTROM CREDIT, INC.
SCHEDULE II - VALUATION AND
QUALIFYING ACCOUNTS
(Dollars in thousands)
Column A Column B Column C Column D Column E
Additions Deductions
----------- ---------- -------------------- -------------------- -------
Account
Balance Charged to Charged write-offs Balance
beginning costs and to other net of Other end of
Description of period expenses accounts recoveries deductions period
----------- ----------- --------- -------- ---------- ---------- -------
Holdback allowance -
customer accounts
receivable
Year ended
January 31, 1995 $23,145 $940 $19,279* $20,406 $ - $22,958
Year ended
January 31, 1994 $23,969 $ - $25,713* $26,537 $ - $23,145
Year ended
January 31, 1993 $24,192 $ - $29,469* $29,692 $ - $23,969
<FN>
* The Company purchases Accounts net of this amount which represents the
allowance for uncollectible amounts. Bad debt expenses are reflected on
the books of Nordstrom for Accounts and VISA Accounts generated through sales
at Nordstrom stores.
17 of 17
EXHIBIT INDEX
EXHIBIT METHOD OF FILING
------------------------------------------ -------------------------------
3.1 Articles of Incorporation Incorporated by reference from
the Registrant's Form 10-K for
the year ended January 31,
1991, Exhibit 3.1.
3.2 By-laws Incorporated by reference
from the Registrant's Form
10-K for the year ended January
31, 1991, Exhibit 3.2.
4.1 Indenture between Registrant and Incorporated by reference from
First Interstate Bank of Denver, Registration No. 33-3765, Exhibit
N.A., as successor trustee, dated 4.2; Registration No. 33-19743,
November 15, 1984, the First Sup- Exhibit 4.2; Registration No.
plement thereto dated January 15, 33-29193, Exhibit 4.3, and
1988, the Second Supplement thereto Registrant's Annual Report on Form
dated June 1, 1989, and the Third 10-K for the year ended January 31,
Supplement thereto dated October 1991, Exhibit 4.2, respectively.
19, 1990
4.2 Trustee Resignation of First Inter- Filed herewith electronically.
state Bank of Washington, N.A.
dated March 13, 1995.
4.3 Trustee Acceptance of First Inter- Filed herewith electronically.
state Bank of Denver, N.A. dated
March 13, 1995
10.1 Investment Agreement dated October Incorporated by reference from
8, 1984 between Registrant and Registrant's Form 10, Exhibit 10.1.
Nordstrom, Inc.
10.2 Operating Agreement dated August Incorporated by reference from
30, 1991 between Registrant and Registrant's Form 10-Q for the
Nordstrom National Credit Bank quarter ended July 31, 1991,
Exhibit 10.1, as amended.
10.3 Operating Agreement for VISA Incorporated by reference from
Accounts and Receivables Registration No. 33-55905, Exhibit
dated May 1, 1994 between 10.1.
Registrant and Nordstrom
National Credit Bank
10.4 Credit Agreement dated June 30, Incorporated by reference from
1992, as amended January 1, 1993, Registrant's Form 10-K for the
between Registrant and Seattle- year ended January 31, 1993,
First National Bank of Washington Exhibit 10.5.
10.5 Second Amendment to the Credit Incorporated by reference from
Agreement dated June 30, 1992, as Registrant's Form 10-K for the
amended January 1, 1993 between year ended January 31, 1994,
Registrant and Seattle-First Exhibit 10.4.
National Bank of Washington dated
June 29, 1993
10.6 Third Amendment to the Credit Filed herewith electronically.
Agreement dated June 30, 1992, as
amended January 1, 1993 and June 29,
1993, between Registrant and Bank of
America National Trust and Savings
Association dated June 30, 1994
10.7 Fourth Amendment to the Credit Filed herewith electronically.
Agreement dated June 30, 1992, as
amended January 1, 1993, June 29,
1993 and June 30, 1994, between
Registrant and Bank of America
National Trust and Savings
Association dated January 20, 1995
10.8 Loan Agreement dated November 24, Incorporated by reference from
1992 between Registrant and Registrant's Form 10-K for the
Nordstrom, Inc. year ended January 31, 1993,
Exhibit 10.6.
10.9 Loan Agreement dated June 25, 1994, Filed herewith electronically.
as amended December 1, 1994, between
Registrant and a group of commercial
banks.
10.10 Loan Agreement dated June 10, 1985, Filed herewith electronically.
as amended May 16, 1994, between
Registrant and Morgan Guaranty
Trust Company of New York
12.1 Computation of Ratio of Earnings Filed herewith electronically.
Available for Fixed Charges to
Fixed Charges
23.1 Independent Auditors' Consent Filed herewith electronically.
27.1 Financial Data Schedule Filed herewith electronically.