FL » Topics » Reclassifications

This excerpt taken from the FL 10-K filed Apr 2, 2007.

Reclassifications

     Certain balances in prior years have been reclassified to conform to the presentation adopted in the current year.

This excerpt taken from the FL 10-K filed Mar 29, 2005.

Reclassifications

Certain balances in prior fiscal years have been reclassified to conform to the presentation adopted in the current year.

The Company reclassified short-term investments on its Consolidated Balance Sheets in 2003 and on its 2003 and 2002 Statements of Cash Flows, which were previously presented as cash and cash equivalents. The amounts reclassified totaled $258 million and $152 million in 2003 and 2002, respectively. The purchases and sales related to the investments held in each of the three years ended January 29, 2005 have been presented on the Consolidated Statements of Cash Flows in the investing activities section.

The Company receives allowances from landlords to improve tenant locations. Historically, the Company has recorded tenant allowances as a reduction to the cost of the leasehold improvements and amortized the credits through amortization expense over the term of the lease period, which was not in accordance with U.S. generally accepted accounting principles. The Company corrected its accounting during the fourth quarter of 2004, by reclassifying those amounts received in past years from property and equipment to the deferred rent liability on the Consolidated Balance Sheets. Balances reclassified from property and equipment to the straight-line liability, which is included in other liabilities, was $22 million in 2004 and $24 million in 2003. The Company also reclassified amounts on the Consolidated Statements of Operations to reflect an increase in amortization expense and a decrease in occupancy costs, a component of costs of sales, in each of the respective years. Reclassified in the income statement was $5 million in 2004 and in 2003

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and $4 million in 2002. There was no change to net income for the years presented. The effect on the Consolidated Statements of Cash Flows was not significant for the years ended January 31, 2004 and February 1, 2003 and therefore have not been reclassified.

EXCERPTS ON THIS PAGE:

10-K
Apr 2, 2007
10-K
Mar 29, 2005
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