Restoration Hardware 2014 Annual Report Download - page 94

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Other non-current assets consist of the following (in thousands):
January 31,
2015
February 1,
2014
Construction related deposits $ 9,250 $ —
Other deposits 6,193 4,688
Deferred financing fees and convertible debt issuance costs 3,670 1,677
Other non-current assets 3,793 1,902
Total other non-current assets $22,906 $8,267
NOTE 5—PROPERTY AND EQUIPMENT
Property and equipment consists of the following (in thousands):
January 31,
2015
February 1,
2014
As
Revised (1)
Leasehold improvements (2) $ 280,602 $ 194,662
Computer software 60,650 47,243
Furniture, fixtures and equipment 37,365 30,524
Machinery and equipment 15,013 7,439
Land 5,396 5,396
Building 2,205 2,205
Build-to-suit property (3) 125,082 33,496
Building and equipment under capital leases 7,937 9,809
Total property and equipment 534,250 330,774
Less—accumulated depreciation and amortization (4) (143,406) (115,865)
Total property and equipment—net $ 390,844 $ 214,909
(1) Refer to Note 3—Significant Accounting Policies.
(2) Leasehold improvements include construction in progress of $47.7 million and $35.2 million as of
January 31, 2015, and February 1, 2014, respectively.
(3) The Company capitalizes assets and records a corresponding non-current liability for build-to-suit lease
transactions where it is considered the owner, for accounting purposes, during the construction period. Refer
to Lease Accounting within Note 3—Significant Accounting Policies.
(4) Includes accumulated amortization related to equipment under capital leases of $0.9 million and $6.0
million as of January 31, 2015, and February 1, 2014, respectively.
The Company recorded depreciation expense of $33.7 million, $26.5 million, and $24.3 million in fiscal
2014, fiscal 2013, and fiscal 2012, respectively.
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