Dick's Sporting Goods 2011 Annual Report Download - page 83

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DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
amortization expense of the finite-lived intangible assets recorded as of January 28, 2012 is expected to
be as follows (in thousands):
Estimated
Amortization
Fiscal Year Expense
2012 $ 1,439
2013 1,196
2014 764
2015 661
2016 507
Thereafter 1,669
Total $ 6,236
3. Store and Corporate Office Closings
The following table summarizes the activity of the Company’s store closing reserves (in thousands):
2011 2010
Accrued store closing and relocation reserves, beginning of period $ 46,918 $ 35,716
Expense charged to earnings - 20,545
Cash payments (13,320) (12,073)
Interest accretion and other changes in assumptions 2,523 2,730
Accrued store closing and relocation reserves, end of period 36,121 46,918
Less: current portion of accrued store closing and relocation reserves (7,803) (11,129)
Long-term portion of accrued store closing and relocation reserves $ 28,318 $ 35,789
The Company recorded $16.4 million of expenses related to the closure of 12 underperforming Golf
Galaxy stores in fiscal 2010. These expenses are included within selling, general and administrative
expenses on the Consolidated Statements of Income.
The current portion of accrued store closing and relocation reserves is included within accrued
expenses and the long-term portion is included within long-term deferred revenue and other liabilities
on the Consolidated Balance Sheets.
4. Property and Equipment
Property and equipment are recorded at cost and consist of the following as of the end of the fiscal
periods (in thousands):
2011 2010
Buildings and land $ 177,740 $ 173,499
Leasehold improvements 679,001 589,427
Furniture, fixtures and equipment 663,682 571,869
Total property and equipment 1,520,423 1,334,795
Less: accumulated depreciation and amortization (744,527) (649,909)
Net property and equipment $ 775,896 $ 684,886
The amounts above include construction in progress of $91.2 million and $44.5 million for fiscal 2011
and 2010, respectively.
Dick’s Sporting Goods, Inc. 2011 Annual Report 61