The Gap 2006 Annual Report Download - page 52

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THE GAP, INC.
CONSOLIDATED BALANCE SHEETS
($ in millions except par value, shares in thousands)
February 3,
2007
January 28,
2006
ASSETS
Current Assets:
Cash and cash equivalents ............................................. $2,030 $ 2,035
Short-term investments ................................................ 570 952
Restricted cash ...................................................... 44 55
Merchandise inventory ................................................ 1,796 1,696
Other current assets ................................................... 589 501
Total current assets ............................................... 5,029 5,239
Property and equipment, net of accumulated depreciation ......................... 3,197 3,246
Other assets ............................................................. 318 336
Total assets ..................................................... $8,544 $ 8,821
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt ..................................... $ 325 $ —
Accounts payable .................................................... 1,109 1,132
Accrued expenses and other current liabilities .............................. 822 725
Income taxes payable ................................................. 16 85
Total current liabilities ............................................ 2,272 1,942
Long-Term Liabilities:
Long-term debt ...................................................... 188 513
Lease incentives and other liabilities ..................................... 910 941
Total long-term liabilities .......................................... 1,098 1,454
Commitments and contingencies (see Notes 4 and 11)
Stockholders’ Equity:
Common stock $0.05 par value .........................................
Authorized 2,300,000 shares; Issued 1,092,575 and 1,078,925 shares;
Outstanding 813,870 and 856,986 shares ............................ 55 54
Additional paid-in capital .............................................. 2,631 2,402
Retained earnings .................................................... 8,646 8,133
Accumulated other comprehensive earnings ............................... 77 51
Deferred compensation ................................................ — (5)
Treasury stock, at cost (278,704 and 221,939 shares) ........................ (6,235) (5,210)
Total stockholders’ equity ......................................... 5,174 5,425
Total liabilities and stockholders’ equity .............................. $8,544 $ 8,821
See Notes to the Consolidated Financial Statements
36