The Gap 2012 Annual Report Download - page 62

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44
Other Current Assets
Other current assets consist of the following:
($ in millions) February 2,
2013 January 28,
2012
Accounts receivable $ 331 $ 297
Current portion of deferred tax assets 220 205
Prepaid minimum rent and occupancy expenses 147 144
Prepaid income taxes 60 101
Derivative financial instruments 49 12
Prepaid catalog expenses 4 2
Restricted cash — 6
Other 53 42
Other current assets $ 864 $ 809
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and consist of the following:
($ in millions) February 2,
2013 January 28,
2012
Leasehold improvements $ 3,131 $ 3,168
Furniture and equipment 2,464 2,463
Land, buildings, and building improvements 1,101 1,096
Software 1,078 960
Construction-in-progress 136 96
Property and equipment, at cost 7,910 7,783
Less: Accumulated depreciation (5,291) (5,260)
Property and equipment, net of accumulated depreciation $ 2,619 $ 2,523
Depreciation expense for property and equipment was $554 million, $586 million, and $639 million for fiscal 2012, 2011,
and 2010, respectively.
Interest of $6 million and $4 million related to assets under construction was capitalized in fiscal 2012 and 2011,
respectively. No interest related to assets under construction was capitalized in fiscal 2010.
We recorded a charge for the impairment of long-lived assets related to our Stores reportable segment of $8 million, $16
million, and $8 million for fiscal 2012, 2011, and 2010, respectively, which is recorded in operating expenses in the
Consolidated Statements of Income.
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