JCPenney 2015 Annual Report Download - page 93
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Table of Contents
The components of Restructuring and management transition include:
•-- charges for actions to reduce our store and home office expenses including employee termination benefits, store lease
termination and impairment charges;
• -- charges for increased depreciation and impairments of certain store fixtures;
• -- charges related to implementing changes within our management leadership team for both incoming and outgoing
members of management; and
• -- charges related primarily to contract termination costs and other costs associated with our previous shops strategy.
The composition of restructuring and management transition charges was as follows:
Home office and stores
$ 42
$ 45
$ 48
$ 289
Store fixtures
—
—
55
133
Management transition
28
16
37
252
Other
14
26
75
163
Total
$ 84
$ 87
$ 215
$ 837
Activity for the restructuring and management transition liability for 2015 and 2014 was as follows:
February 1, 2014
$ —
$ 3
$ 30
$ 33
Charges
45
16
26
87
Cash payments
(8)
(16)
(38)
(62)
Non-cash
(28)
(3)
(1)
(32)
January 31, 2015
9
—
17
26
Charges
42
28
14
84
Cash payments
(33)
(9)
(7)
(49)
Non-cash
—
(9)
(1)
(10)
January 30, 2016
$ 18
$ 10
$ 23
$ 51
Non-cash amounts represent charges that do not result in cash expenditures including increased depreciation and write-off of store fixtures and stock-based
compensation.
93