Pep Boys 2009 Annual Report Download - page 120
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 30, 2010, January 31, 2009 and February 2, 2008
(dollar amounts in thousands, except share and per share data)
NOTE 10—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following are the components of other comprehensive income (loss):
Year Ended
January 30, January 31, February 2,
2010 2009 2008
Net earnings (loss) ...................... $23,036 $(30,429) $(41,039)
Other comprehensive income (loss), net of tax:
Defined benefit plan adjustment ........... 595 (958) 2,462
Derivative financial instrument adjustment . . . (211) (2,934) (7,388)
Comprehensive income (loss) ............... $23,420 $(34,321) $(45,965)
The components of accumulated other comprehensive loss are:
January 30, January 31, February 2,
2010 2009 2008
Defined benefit plan adjustment, net of tax ..... $ (7,158) $ (7,753) $ (6,795)
Derivative financial instrument adjustment, net of
tax ................................ (10,533) (10,322) (7,388)
Accumulated other comprehensive loss ........ $(17,691) $(18,075) $(14,183)
NOTE 11—STORE CLOSURES AND ASSET IMPAIRMENTS
During fiscal 2007, the Company recorded charges of $15,551 related to store closures which
included a $10,963 impairment charge to fixed assets, $2,906 in long-term lease and other related
obligations, net of subleases, $155 in workforce reduction costs, and store breakdown costs of $1,527.
The impairment of fixed assets includes the adjustment to the market value of those owned stores that
were classified as assets held for disposal and the impairment of leasehold improvements. The assets
held for disposal have been valued at the lower of their carrying amount or their estimated fair value,
net of disposal costs. The long-term lease and other related obligations represent the fair value of such
obligations less the estimated net sublease income.
The store closure costs are reflected in fiscal 2007 Statement of Operations as follows:
Cost of Cost of Selling, Discontinued
Merchandise Service General and Operations
Sales Revenue Administrative (pre-tax) Total
Impairment of fixed assets ............. $5,350 $1,849 $ — $3,764 $10,963
Long-term lease obligations, net of
sub-lease ........................ 1,479 493 — 934 2,906
Workforce reduction ................. — — 111 44 155
Store breakdown cost ................ — — 1,102 425 1,527
Total ............................ $6,829 $2,342 $1,213 $5,167 $15,551
During fiscal 2009 and 2008, the Company did not close any stores, however, the Company
recorded $3,110 and $5,353, respectively, of asset impairment charges, to reflect declines in the
commercial real estate market for vacant properties. For fiscal 2009, $2,211 was charged to
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