Banana Republic 2011 Annual Report Download - page 64

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Money market funds of $338 million as of January 29, 2011 in the table above have been reclassified from cash to
cash equivalents. This correction had no impact on the Consolidated Balance Sheet as of January 29, 2011, the
Consolidated Statement of Income for fiscal 2010, or the Consolidated Statement of Cash Flows for fiscal 2010.
We did not record any impairment charges on our cash equivalents or short-term investments in fiscal 2011, 2010,
or 2009.
Other Current Assets
Other current assets consist of the following:
($ in millions) January 28,
2012 January 29,
2011
Accounts receivable ................................................................. $297 $205
Current portion of deferred tax assets ................................................. 205 190
Prepaidminimumrentandoccupancyexpenses ....................................... 144 142
Prepaidincometaxes ................................................................ 101 59
Derivative financial instruments ...................................................... 12 2
Restrictedcash ...................................................................... 67
Prepaidcatalogexpenses ............................................................ 23
Other .............................................................................. 42 37
Other current assets ................................................................. $809 $645
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and consist of the following:
($ in millions) January 28,
2012 January 29,
2011
Leaseholdimprovements............................................................. $ 3,168 $ 3,066
Furniture and equipment ............................................................ 2,463 2,431
Land,buildings,andbuildingimprovements ........................................... 1,096 1,093
Software ........................................................................... 960 909
Construction-in-progress ............................................................. 96 74
Propertyandequipment,atcost ...................................................... 7,783 7,573
Less: Accumulated depreciation ....................................................... (5,260) (5,010)
Propertyandequipment,netofaccumulateddepreciation .............................. $ 2,523 $ 2,563
Depreciation expense for property and equipment was $586 million, $639 million, and $643 million for fiscal 2011,
2010, and 2009, respectively.
Interest of $4 million related to assets under construction was capitalized in fiscal 2011. No interest related to assets
under construction was capitalized in fiscal 2010 and 2009.
We recorded a charge for the impairment of long-lived assets related to our Stores reportable segment of $16
million, $8 million, and $14 million for fiscal 2011, 2010, and 2009, respectively, which is recorded in operating
expenses in the Consolidated Statements of Income.
50 Gap Inc. Form 10-K