DSW 2013 Annual Report Download - page 69

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Table of Contents

The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented:
February 1, 2014
February 2, 2013
(in thousands)
Gift cards and merchandise credits
$37,651
$33,831
Compensation
18,043
19,711
Taxes
13,581
16,192
Customer loyalty program
19,547
18,407
Other
26,875
35,058
Total accrued expenses
$115,697
$123,199

The balance sheet caption "Non-current liabilities" was comprised of the following as of the periods presented:
February 1, 2014
February 2, 2013
(in thousands)
Construction and tenant allowances
$84,464
$77,084
Deferred rent
37,985
36,723
Other
15,849
14,406
Total non-current liabilities
$138,298
$ 128,213
 
DSW leases stores, its fulfillment center and other facilities under various arrangements with related and unrelated parties. Such leases expire through 2028
and in most cases provide for renewal options. Generally, DSW is required to pay base rent, real estate taxes, maintenance, insurance and contingent rentals
based on sales in excess of specified levels. Under supply agreements, DSW pays contingent rents based on sales for the shoe departments it operates through
its Affiliated Business Group. As of February 1, 2014 and February 2, 2013, DSW had no capital leases.
As of February 1, 2014, DSW leased or had other agreements with entities affiliated with Schottenstein Affiliates for 22 store locations and its fulfillment
center for a total annual minimum rent for fiscal 2013 of $10.5 million. DSW leases a portion of its corporate office headquarters to a Schottenstein Affiliate
for annual rent of $0.2 million. Related party rental income for fiscal 2013 and fiscal 2012 was $0.2 million and $0.1 million, respectively.
The following table presents future minimum lease payments required under the aforementioned leases, excluding real estate taxes, insurance and maintenance
costs, as of February 1, 2014:
Total
Unrelated
Party
Related
Party
Fiscal years (in thousands)
2014 $170,434
$159,295
$11,139
2015 165,529
154,694
10,835
2016 148,436
138,259
10,177
2017 125,425
116,250
9,175
2018 103,566
98,348
5,218
Future years 362,274
349,898
12,376
Total minimum lease payments (a) $1,075,664
$ 1,016,744
$58,920
(a) Minimum payments have been reduced by minimum sublease rentals of $4.8 million due in the future under noncancelable subleases.
F- 26
Source: DSW Inc., 10-K, March 27, 2014 Powered by Morningstar® Document Research℠
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