Nordstrom 2009 Annual Report Download - page 53

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Nordstrom, Inc. and subsidiaries 45
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and unit amounts
NOTE 2: ACCOUNTS RECEIVABLE
The components of accounts receivable are as follows:
January 30, 2010 January 31, 2009
Trade receivables:
Restricted $2,136 $2,005
Unrestricted 26 14
Allowance for doubtful accounts (190) (138)
Trade receivables, net 1,972 1,881
Other 63 61
Accounts receivable, net
$2,035
$1,942
The following table summarizes the restricted trade receivables:
January 30, 2010 January 31, 2009
Nordstrom VISA credit card receivables $1,469 $1,369
Private label card receivables 667 636
Restricted trade receivables
$2,136 $2,005
The restricted trade receivables relate to substantially all of our Nordstrom private label card receivables and our Nordstrom VISA credit card
receivables. Under our securitization program, the restricted trade receivables are transferred to a third-party trust on a daily basis. The restricted
trade receivables secure our Series 2007-1 Notes, the Series 2007-2 Notes and our two variable funding notes. Our credit card securitization
agreements set a maximum percentage of receivables that can be associated with various receivable categories, such as employee or foreign
receivables. As of January 30, 2010 and January 31, 2009, these maximums were not exceeded.
The unrestricted trade receivables consist primarily of the remaining portion of our Nordstrom private label card receivables and our Nordstrom
VISA credit card receivables and accrued finance charges not yet allocated to customer accounts. Other accounts receivable consist primarily of
credit card receivables due from third-party financial institutions and vendor claims.
NOTE 3: LAND, BUILDINGS AND EQUIPMENT
Land, buildings and equipment consist of the following:
January 30, 2010 January 31, 2009
Land and land improvements $70 $67
Buildings and building improvements 924 847
Leasehold improvements 1,735 1,631
Store fixtures and equipment 2,267 2,214
Capitalized software 382 347
Construction in progress 180 222
5,558 5,328
Less: accumulated depreciation and amortization (3,316) (3,107)
Land, buildings and equipment, net $2,242 $2,221
The total cost of buildings and equipment held under capital lease obligations was $28 at the end of both 2009 and 2008, with related accumulated
amortization of $22 in 2009 and $21 in 2008. The amortization of capitalized leased buildings and equipment of $1 in both 2009 and 2008 was
recorded in depreciation expense.