Dollar General 2010 Annual Report Download - page 139
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10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1. Basis of presentation and accounting policies (Continued)
actually paid are reflected as a liability, with the current portion in Accrued expenses and other and the
long-term portion in Other liabilities in the consolidated balance sheets, and totaled approximately
$23.2 million and $14.5 million at January 28, 2011 and January 29, 2010, respectively.
The Company recognizes contingent rental expense when the achievement of specified sales targets
are considered probable, in accordance with applicable accounting standards for contingent rent. The
amount expensed but not paid as of January 28, 2011 and January 29, 2010 was approximately
$9.2 million and $10.8 million, respectively, and is included in Accrued expenses and other in the
consolidated balance sheets (See Note 9).
In the normal course of business, based on an overall analysis of store performance and expected
trends, management periodically evaluates the need to close underperforming stores. Generally, for
store closures where a lease obligation still exists, the Company records the estimated future liability
associated with the rental obligation on the date the store is closed in accordance with applicable
accounting standards for costs associated with exit or disposal activities. Key assumptions in calculating
the liability include the timeframe expected to terminate lease agreements, estimates related to the
sublease potential of closed locations, and estimation of other related exit costs. Liabilities are reviewed
periodically and adjusted when necessary. The current portion of the closed store rent liability is
reflected in Accrued expenses and other and the long-term portion in Other liabilities in the
consolidated balance sheets, and totaled approximately $7.0 million and $7.6 million at January 28,
2011 and January 29, 2010, respectively.
Other liabilities
Non-current Other liabilities consist of the following:
January 28, January 29,
(In thousands) 2011 2010
Compensation and benefits ......................... $ 14,531 $ 12,441
Insurance ...................................... 131,912 140,633
Income tax related reserves ......................... 27,255 68,021
Derivatives ..................................... 34,923 57,058
Other ......................................... 22,961 24,195
$231,582 $302,348
Amounts reflected as ‘‘other’’ in the table above consist primarily of deferred rent, lease contract
termination liabilities for closed stores, and rebate obligations.
61