Sally Beauty Supply 2007 Annual Report Download - page 104
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8. Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
September 30,
2007
2006
Land $ 9,773 $ 9,632
Buildings and building improvements 48,885 48,510
Leasehold improvements 118,816 96,479
Furniture, fixtures and equipment 192,420 175,203
Total property and equipment, gross 369,894 329,824
Less accumulated depreciation and amortization (215,826) (187,089)
Total property and equipment, net $ 154,068 $ 142,735
Depreciation expense totaled $38.9 million, $35.0 million and $30.6 million in fiscal years 2007, 2006 and 2005, respectively.
9. Goodwill and Other Intangibles
The change in the carrying amounts of goodwill by operating segment for the fiscal years 2007 and 2006 is as follows (in thousands):
Sally Beauty
Supply
Beauty Systems
Group
Total
Balance at September 30, 2005 $ 10,089 $ 343,436 $ 353,525
Additions, net of purchase price adjustments — 9,087 9,087
Foreign currency translation 71 2,010 2,081
Balance at September 30, 2006 10,160 354,533 364,693
Additions, net of purchase price adjustments 30,832 4,418 35,250
Foreign currency translation 1,531 5,149 6,680
Balance at September 30, 2007 $ 42,523 $ 364,100 $ 406,623
As described in Note 16, the $30.8 million increase in Sally Beauty Supply's goodwill in fiscal year 2007 was principally attributable to the acquisition of Salon
Services in February 2007, net of purchase price adjustments. The $4.4 million increase in BSG's goodwill in fiscal year 2007 was principally attributable to
several smaller acquisitions and purchase price adjustments for prior years' acquisitions. The $9.1 million increase in BSG's goodwill in fiscal year 2006 was
principally attributable to the acquisition of Salon Success in June 2006, net of purchase price adjustments for prior years' acquisitions.
F-22
Source: Sally Beauty Holding, 10-K, November 29, 2007