Urban Outfitters 2011 Annual Report Download - page 72

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URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(in thousands, except share and per share data)
5. Property and Equipment
Property and equipment is summarized as follows:
January 31,
2011 2010
Land ............................................... $ 2,387 $ 2,387
Buildings ........................................... 117,982 96,617
Furniture and fixtures .................................. 273,621 242,123
Leasehold improvements ............................... 606,020 552,095
Other operating equipment .............................. 81,856 63,605
Construction-in-progress ............................... 29,295 19,869
1,111,161 976,696
Accumulated depreciation .............................. (524,815) (436,735)
Total ........................................... $ 586,346 $ 539,961
Depreciation expense for property and equipment for fiscal years ended 2011, 2010 and 2009 was
$92,403, $86,146 and $79,505, respectively.
6. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
January 31,
2011 2010
Accrued rents and estimated property taxes .................... $ 9,329 $10,598
Gift certificates and merchandise credits ...................... 30,866 25,161
Accrued construction ..................................... 8,103 13,046
Accrued income taxes ..................................... 22,466 5,216
Accrued sales taxes ....................................... 7,780 5,373
Accrued payroll taxes ..................................... 3,980 5,901
Sales return reserve ...................................... 11,367 9,912
Other current liabilities .................................... 14,017 13,388
Total .............................................. $107,908 $88,595
7. Line of Credit Facility
On September 21, 2009, the Company amended its renewed and amended line of credit facility
(the “Line”) with Wells Fargo Bank N.A. (the “Bank”). This amendment added an additional borrower
and certain additional guarantors. The Line is a three-year revolving credit facility with an accordion
feature allowing an increase in available credit up to $100,000 at the Company’s discretion. On
May 27, 2010, the Company executed a fifth amendment to the Line increasing its credit limit to
F-19