Foot Locker 2014 Annual Report Download - page 72

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FOOT LOCKER, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. Merchandise Inventories
2014 2013
(in millions)
LIFO inventories $ 821 $ 746
FIFO inventories 429 474
Total merchandise inventories $1,250 $1,220
The value of the Company’s LIFO inventories, as calculated on a LIFO basis, approximates their value as
calculated on a FIFO basis.
6. Other Current Assets
2014 2013
(in millions)
Net receivables $78 $99
Prepaid rent 77 75
Prepaid income taxes 34 35
Prepaid expenses and other current assets 32 34
Deferred taxes and costs 17 20
Income tax receivable 1—
$239 $263
7. Property and Equipment, Net
2014 2013
(in millions)
Land $4 $6
Buildings:
Owned 44 44
Furniture, fixtures, equipment and software development costs:
Owned 900 888
Assets under capital leases 910
957 948
Less: accumulated depreciation (606) (621)
351 327
Alterations to leased and owned buildings
Cost 779 804
Less: accumulated amortization (510) (541)
269 263
$ 620 $ 590
8. Goodwill
The Athletic Stores segment’s goodwill is net of accumulated impairment charges of $167 million for all periods
presented. The 2014 and 2013 annual goodwill impairment tests did not result in an impairment charge.
Athletic
Stores Direct-to-
Customers Total
(in millions)
Goodwill at February 2, 2013 $18 $127 $145
Goodwill from Runners Point Group acquisition 3 15 18
Goodwill at February 1, 2014 $21 $142 $163
Foreign currency translation adjustment (4) (2) (6)
Goodwill at January 31, 2015 $17 $140 $157
49