Abercrombie & Fitch 2014 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2014 Abercrombie & Fitch annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89

ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
59
million and $52.3 million of construction project assets in Property and Equipment, Net at January 31, 2015 and February 1, 2014,
respectively.
7. OTHER ASSETS
Other assets consisted of (in thousands):
January 31, 2015 February 1, 2014
Non-current deferred tax assets $ 96,999 $ 97,587
Rabbi Trust 93,448 90,222
Long-term deposits 64,415 68,886
Long-term supplies 31,565 36,008
Intellectual property 27,943 30,987
Restricted cash 14,835 26,686
Prepaid income tax on intercompany items 9,968 12,421
Other 34,021 36,293
Other assets $ 373,194 $ 399,090
Long-term supplies include, but are not limited to, hangers, frames, sign holders, security tags, back-room supplies, and construction
materials. Intellectual property primarily includes trademark assets associated with the Company's International operations,
consisting of finite-lived and indefinite-lived intangible assets of approximately $15.3 million and $12.6 million, respectively, as
of January 31, 2015, and finite-lived and indefinite-lived intangible assets of approximately $16.3 million and $14.7 million,
respectively, as of February 1, 2014. The Company's finite-lived intangible assets are amortized over a useful life of 10 to 20
years. Restricted cash includes various cash deposits with international banks that are used as collateral for customary non-debt
banking commitments and deposits into trust accounts to conform to standard insurance security requirements. Other includes
prepaid leases and various other assets.
8. DEFERRED LEASE CREDITS
Deferred lease credits are derived from payments received from landlords to wholly or partially offset store construction costs
and are classified between current and long-term liabilities. The amounts, which are amortized over the respective terms of the
related leases, consisting of the following (in thousands):
January 31, 2015 February 1, 2014
Deferred lease credits $ 490,452 $ 543,040
Amortized deferred lease credits (357,430) (366,076)
Total deferred lease credits, net $ 133,022 $ 176,964
Less: short-term portion of deferred lease credits (26,629) (36,165)
Long-term portion of deferred lease credits $ 106,393 $ 140,799
9. ACCRUED EXPENSES
Accrued expenses consisted of (in thousands):
January 31, 2015 February 1, 2014
Accrued payroll and related costs $ 56,384 $ 49,878
Gift card liability 36,936 42,512
Accrued taxes 34,629 44,100
Construction in progress 30,661 23,634
Accrued rent 25,607 59,997
Other 98,519 102,713
Accrued expenses $ 282,736 $ 322,834