Banana Republic 2010 Annual Report Download - page 55

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Other Current Assets
Other current assets consist of the following:
($ in millions) January 29,
2011 January 30,
2010
Accounts receivable ................................................................. $205 $150
Current portion of deferred tax assets ................................................. 190 193
Prepaidminimumrentandoccupancyexpenses ....................................... 142 140
Restrictedcash ...................................................................... 718
Prepaidcatalogexpenses ............................................................ 31
Derivative financial instruments ...................................................... 27
Other .............................................................................. 96 105
Other current assets ................................................................. $645 $614
No other individual items accounted for greater than five percent of total current assets as of January 29, 2011 or
January 30, 2010.
Beginning in fiscal 2010, we included restricted cash in other current assets in the Consolidated Balance Sheets.
Accordingly, restricted cash of $18 million as of January 30, 2010 has been included in other current assets to
conform to the current period presentation.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and consist of the following:
($ in millions) January 29,
2011 January 30,
2010
Leaseholdimprovements ............................................................ $ 3,066 $ 3,013
Furniture and equipment ............................................................ 2,431 2,417
Land,buildings,andbuildingimprovements ........................................... 1,093 1,086
Software ........................................................................... 909 832
Construction-in-progress ............................................................. 74 79
Propertyandequipment,atcost ...................................................... 7,573 7,427
Less: Accumulated depreciation ....................................................... (5,010) (4,799)
Propertyandequipment,netofaccumulateddepreciation .............................. $ 2,563 $ 2,628
Depreciation expense for property and equipment was $639 million, $643 million, and $643 million for fiscal 2010,
2009, and 2008, respectively.
No interest related to assets under construction was capitalized in fiscal 2010 and 2009. Interest of $8 million
related to assets under construction was capitalized in fiscal 2008.
We recorded a charge for the impairment of long-lived assets related to our Stores reportable segment of
$8 million, $14 million, and $5 million for fiscal 2010, 2009, and 2008, respectively, which is recorded in operating
expenses in the Consolidated Statements of Income.
48 Gap Inc. Form 10-K