Pottery Barn 2010 Annual Report Download - page 64
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Note B: Property and Equipment
Property and equipment consists of the following:
Dollars in thousands Jan. 30, 2011 Jan. 31, 2010
Leasehold improvements $ 809,239 $ 831,757
Fixtures and equipment 572,155 576,488
Capitalized software 292,424 267,724
Land and buildings 126,061 135,692
Corporate systems projects in progress156,602 65,989
Construction in progress21,568 14,905
Corporate aircraft (held for sale)30 10,029
Total 1,858,049 1,902,584
Accumulated depreciation and amortization (1,127,493) (1,073,557)
Property and equipment – net $ 730,556 $ 829,027
1Corporate systems projects in progress is primarily comprised of a new merchandising, inventory management and order
management system currently under development.
2Construction in progress is primarily comprised of leasehold improvements and furniture and fixtures related to new,
expanded or remodeled retail stores where construction had not been completed as of year-end.
3During fiscal 2010 we sold our corporate aircraft.
Note C: Borrowing Arrangements
Long-term debt consists of the following:
Dollars in thousands Jan. 30, 2011 Jan. 31, 2010
Capital leases $ 334 $ 459
Memphis-based distribution facilities obligation 8,338 9,800
Total debt 8,672 10,259
Less current maturities (1,542) (1,587)
Total long-term debt $ 7,130 $ 8,672
Capital Leases
As of January 30, 2011, capital lease obligations of $334,000 consist primarily of leases for distribution center
equipment.
Memphis-Based Distribution Facilities Obligation
As of January 30, 2011 and January 31, 2010, total debt of $8,338,000 and $9,800,000, respectively, consists
entirely of bond-related debt pertaining to the consolidation of our Memphis-based distribution facilities due to
their related party relationship and our obligation to renew the leases until the bonds are fully repaid. See Note
F for a discussion on our bond-related debt pertaining to our Memphis-based distribution facilities.
The aggregate maturities of long-term debt at January 30, 2011 were as follows:
Dollars in thousands
Fiscal 2011 $ 1,542
Fiscal 2012 1,652
Fiscal 2013 1,724
Fiscal 2014 1,785
Fiscal 2015 1,969
Thereafter 0
Total $ 8,672
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