The Gap 2013 Annual Report Download - page 72

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48
Other Current Assets
Other current assets consist of the following:
($ in millions) February 1,
2014 February 2,
2013
Accounts receivable $ 462 $ 331
Current portion of deferred tax assets 179 220
Prepaid minimum rent and occupancy expenses 155 147
Prepaid income taxes 84 60
Derivative financial instruments 58 49
Prepaid catalog expenses 3 4
Other 51 53
Other current assets $ 992 $ 864
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and consist of the following:
($ in millions) February 1,
2014 February 2,
2013
Leasehold improvements $ 3,211 $ 3,131
Furniture and equipment 2,493 2,464
Software 1,173 1,078
Land, buildings, and building improvements 1,106 1,101
Construction-in-progress 176 136
Property and equipment, at cost 8,159 7,910
Less: Accumulated depreciation (5,401) (5,291)
Property and equipment, net of accumulated depreciation $ 2,758 $ 2,619
Depreciation expense for property and equipment was $530 million, $554 million, and $586 million for fiscal 2013,
2012, and 2011, respectively.
Interest of $8 million, $6 million, and $4 million related to assets under construction was capitalized in fiscal 2013,
2012, and 2011, respectively.
We recorded a charge for the impairment of long-lived assets of $1 million, $8 million, and $16 million for fiscal
2013, 2012, and 2011, respectively, which is recorded in operating expenses in the Consolidated Statements of
Income.