The Gap 2011 Annual Report Download - page 65

Other Long-Term Assets
Other long-term assets consist of the following:
($ in millions) January 28, 2012 January 29, 2011
Long-termtax-relatedassets ......................................................... $258 $259
Goodwill ........................................................................... 99 99
Tradename......................................................................... 54 54
Deferred compensation plan assets ................................................... 22 27
Lease rights and key money, net of accumulated amortization of $140 for both periods
presented ........................................................................ 22 20
Restrictedcash ...................................................................... 11 11
Intangible assets subject to amortization, net of accumulated amortization of $14 and
$12............................................................................... 13
Derivative financial instruments ...................................................... 12
Other .............................................................................. 122 101
Otherlong-termassets .............................................................. $590 $576
Both the cost and accumulated amortization of lease rights and key money are impacted by fluctuations in foreign
currency rates. Amortization expense associated with lease rights and key money was $4 million, $5 million, and $6
million in fiscal 2011, 2010, and 2009, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
($ in millions) January 28, 2012 January 29, 2011
Accrued compensation and benefits ................................................... $292 $280
Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage .............. 228 233
Short-term deferred rent and tenant allowances ....................................... 104 99
Workers' compensation liability ....................................................... 47 50
Accruedadvertising.................................................................. 26 25
General insurance liability ............................................................ 23 22
Sales return allowance ............................................................... 21 22
Derivative financial instruments ...................................................... 14 35
Credit card reward points and certificates liability ....................................... 14 17
Short-termleaselossreserve ......................................................... 56
Other .............................................................................. 224 204
Accrued expenses and other current liabilities .......................................... $998 $993
No other individual items accounted for greater than five percent of total current liabilities as of January 28, 2012 or
January 29, 2011.
Beginning in fiscal 2011, we included short-term debt in current maturities of debt in the Consolidated Balance
Sheets. Accordingly, short-term debt of $3 million that was included in accrued expenses and other current
liabilities as of January 29, 2011 has been included in current maturities of debt to conform to the current period
presentation.
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