The Gap 2008 Annual Report Download - page 61

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Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
($ in millions) January 31,
2009 February 2,
2008
Accrued compensation and benefits ................................................... $ 327 $ 380
Unredeemed gift cards, gift certificates, and vouchers ................................... 255 319
Deferred rent and tenant allowances ................................................... 105 110
Derivative financial instruments ....................................................... 41 50
Workers’ compensation .............................................................. 39 38
General insurance liability ............................................................ 25 28
Sales return allowance................................................................ 21 22
Creditcardrewardcertificates......................................................... 16 18
Accruedadvertising .................................................................. 15 30
Other ............................................................................... 232 264
Accrued expenses and other current liabilities .......................................... $1,076 $1,259
No other items accounted for greater than five percent of total current liabilities as of January 31, 2009 or
February 2, 2008.
Lease Incentives and Other Long-Term Liabilities
Lease incentives and other long-term liabilities consist of the following:
($ in millions) January 31,
2009 February 2,
2008
Deferred rent and tenant allowances ................................................... $ 772 $ 832
Long-term tax-related liabilities ....................................................... 174 173
Asset retirement obligations .......................................................... 33 29
Deferred compensation plan liabilities ................................................. 18 25
Derivative financial instruments ....................................................... 11 6
Other ............................................................................... 11 16
Lease incentives and other long-term liabilities .......................................... $1,019 $1,081
The activity related to asset retirement obligations was not material for fiscal 2008 and includes fluctuations in
foreign currency rates.
Accumulated Other Comprehensive Earnings
Accumulated other comprehensive earnings consist of the following:
($ in millions) January 31,
2009 February 2,
2008
Foreign currency translation .......................................................... $109 $147
Accumulated changes in fair value of derivative financial instruments, net of tax ........... 14 (22)
Total accumulated other comprehensive earnings ....................................... $123 $125
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