Pier 1 2009 Annual Report Download - page 58
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 2—PROPERTIES
Other properties are summarized as follows at February 28, 2009 and March 1, 2008 (in
thousands):
2009 2008
Land .......................................... $ 6,379 $ 6,379
Buildings ....................................... 29,546 29,621
Equipment, furniture and fixtures ..................... 243,403 246,803
Leasehold improvements ............................ 162,832 167,542
Computer software ................................ 74,588 73,175
Projects in progress ................................ 798 41
517,546 523,561
Less accumulated depreciation and amortization ........... 432,411 408,609
Other properties, net ............................. $ 85,135 $114,952
In addition to the above properties, the Company had an office building and related assets with
net book value of $80,539,000 as of March 1, 2008 which it utilized as its corporate headquarters. On
June 9, 2008, the Company sold its corporate headquarters building and accompanying land to
Chesapeake Plaza, L.L.C., an affiliate of Chesapeake Energy Corporation, for net proceeds of
approximately $102,400,000. The Company also entered into a lease agreement to rent office space in
the building. The lease has a primary term of seven years which began on June 9, 2008, with one
three-year renewal option and provisions for terminating the lease at the end of the fifth lease year.
The related gain on the sale of the property was approximately $23,300,000, the majority of which is
included in other noncurrent liabilities, and will be recognized over the expected lease term. In
connection with this transaction, the corporate headquarters building was removed from the assets
securing borrowings under the Company’s secured credit facility.
NOTE 3—OTHER ACCRUED LIABILITIES AND NONCURRENT LIABILITIES
The following is a summary of other accrued liabilities and noncurrent liabilities at February 28,
2009 and March 1, 2008 (in thousands):
2009 2008
Accrued payroll and other employee-related liabilities ....... $ 38,185 $ 46,416
Accrued taxes, other than income ..................... 23,617 24,030
Rent-related liabilities .............................. 10,423 11,017
Retirement benefits ................................ 3,292 1,351
Other .......................................... 25,833 19,003
Other accrued liabilities ........................... $101,350 $101,817
Rent-related liabilities .............................. $ 30,047 $ 34,887
Deferred gains ................................... 31,673 19,634
Retirement benefits ................................ 21,074 24,276
Other .......................................... 10,596 15,361
Other noncurrent liabilities ........................ $ 93,390 $ 94,158
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