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This excerpt taken from the CVS 10-K filed Feb 27, 2007. Store opening and closing costs ~
New store opening costs, other than capital expenditures, are charged directly
to expense when incurred. When the Company closes a store, the present value of
estimated unrecoverable costs, including the remaining lease obligation less
estimated sublease income and the book value of abandoned property and
equipment, are charged to expense. The long-term portion of the lease
obligations associated with store closings was $418.0 million, $406.3 million
and $507.1 million in 2006 2005 and 2004, respectively.
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