Express 2011 Annual Report Download - page 74

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As of January 28, 2012, the Company was committed to noncancelable leases with remaining terms generally
from 1 to 10 years. A substantial portion of these commitments consist of store leases generally with an initial
term of 10 years. Store lease terms generally require additional payments covering real estate taxes, common area
maintenance costs, and certain other expenses. The obligations for these additional payments are excluded from
the table that follows.
Minimum rent commitments under noncancelable leases are as follows (in thousands):
2012 ............................................ $178,368
2013 ............................................ 158,418
2014 ............................................ 128,168
2015 ............................................ 103,209
2016 ............................................ 81,309
Thereafter ........................................ 274,331
Total ............................................ $923,803
6. Intangible Assets
The following table provides the significant components of intangible assets:
January 28, 2012
Cost
Accumulated
Amortization
Ending Net
Balance
(in thousands)
Tradename ................................ $196,144 $ — $196,144
Internet domain name/other ................... 1,365 — 1,365
Net favorable lease obligations ................ 19,750 16,275 3,475
Credit card relationships ...................... 4,766 4,766 —
$222,025 $21,041 $200,984
January 29, 2011
Cost
Accumulated
Amortization
Ending Net
Balance
(in thousands)
Tradename ................................ $196,144 $ — $196,144
Internet domain name/other ................... 1,270 — 1,270
Net favorable lease obligations ................ 19,750 14,449 5,301
Credit card relationships ...................... 4,766 4,317 449
$221,930 $18,766 $203,164
The Company’s tradename and internet domain name have indefinite lives. Net favorable lease obligations,
credit card relationships, and customer lists have finite lives and are amortized over a period between 2 and 7
years, and are included in other assets on the Consolidated Balance Sheets. Amortization expense totaled $2.3
million, $3.6 million, and $5.0 million in 2011, 2010, and 2009, respectively.
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