Dick's Sporting Goods 2008 Annual Report Download - page 61

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The following table summarizes the activity of the Company’s store closing reserves:
2008 2007
(In thousands)
Accrued store closing and relocation reserves, beginning of period $ 29,840 $ 26,096
Expense charged to earnings — 1,530
Closing reserves related to Golf Galaxy (see Note 5) 615 2,059
Closing reserves related to Chick’s (see Note 5) 15,143 —
Cash payments (4,125) (7,291)
Interest accretion and other changes in assumptions 3,148 7,446
Accrued store closing and relocation reserves, end of period 44,621 29,840
Less: current portion of accrued store closing and relocation reserves (9,001) (9,404)
Long-term portion of accrued store closing and relocation reserves $ 35,620 $ 20,436
The current portion of accrued store closing and relocation reserves is recorded in accrued expenses and the long-term portion is
recorded in long-term deferred revenue and other liabilities in the Consolidated Balance Sheets.
7. Property and Equipment
Property and equipment are recorded at cost and consist of the following as of the end of the fi scal periods:
2008 2007
(In thousands)
Buildings and land $ 34,003 $ 34,003
Leasehold improvements 478,445 452,723
Furniture, fi xtures and equipment 479,827 425,522
992,275 912,248
Less: accumulated depreciation and amortization (476,293) (380,469)
Net property and equipment $ 515,982 $ 531,779
The amounts above include construction in progress of $30.1 million and $66.9 million for fi scal 2008 and 2007, respectively.
8. Accrued Expenses
Accrued expenses consist of the following as of the end of the fi scal periods:
2008 2007
(In thousands)
Accrued payroll, withholdings and benefi ts $ 71,848 $ 74,495
Accrued property and equipment 14,371 33,200
Other accrued expenses 123,647 121,121
Total accrued expenses $ 209,866 $ 228,816
DICK’S SPORTING GOODS, INC. 2008 ANNUAL REPORT 59