GPS » Topics » Accrued Expenses and Other Current Liabilities

These excerpts taken from the GPS 10-K filed Mar 27, 2009.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

 

($ in millions)    January 31,
2009
   February 2,
2008

Accrued compensation and benefits

   $ 327    $ 380

Unredeemed gift cards, gift certificates, and vouchers

     255      319

Deferred rent and tenant allowances

     105      110

Derivative financial instruments

     41      50

Workers’ compensation

     39      38

General insurance liability

     25      28

Sales return allowance

     21      22

Credit card reward certificates

     16      18

Accrued advertising

     15      30

Other

     232      264
             

Accrued expenses and other current liabilities

   $ 1,076    $ 1,259
             

No other items accounted for greater than five percent of total current liabilities as of January 31, 2009 or February 2, 2008.

Accrued Expenses and Other Current
Liabilities

Accrued expenses and other current liabilities consist of the following:

STYLE="font-size:9px;margin-top:0px;margin-bottom:0px"> 


























































































































($ in millions)  January 31,
2009
  February 2,
2008

Accrued compensation and benefits

  $327  $380

Unredeemed gift cards, gift certificates, and vouchers

   255   319

Deferred rent and tenant allowances

   105   110

Derivative financial instruments

   41   50

Workers’ compensation

   39   38

General insurance liability

   25   28

Sales return allowance

   21   22

Credit card reward certificates

   16   18

Accrued advertising

   15   30

Other

   232   264
        

Accrued expenses and other current liabilities

  $1,076  $1,259
        

No other items accounted for greater than five percent of total current liabilities as of January 31, 2009 or
February 2, 2008.

These excerpts taken from the GPS 10-K filed Mar 28, 2008.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

 

($ in millions)    February 2,
2008
   February 3,
2007

Accrued compensation and benefits

   $ 380    $ 304

Unredeemed gift cards

     319      311

Deferred rent and tenant allowances

     110      109

Workers’ compensation

     38      36

Accrued advertising

     30      23

General liability insurance

     28      38

Sales return allowance

     22      21

Credit card rewards

     18      26

Other current liabilities

     314      291
             

Accrued expenses and other current liabilities

   $ 1,259    $ 1,159
             

 

48  Gap Inc. Form 10-K


Table of Contents

 

As of February 2, 2008, we began classifying gift card liability and credit card reward certificate liability as accrued expenses and other current liabilities in our Consolidated Balance Sheets. Accordingly, gift card liability of $311 million and credit card reward certificate liability of $26 million as of February 3, 2007, which were previously classified as accounts payable on the Consolidated Balance Sheets, were reclassified to conform to the current year presentation.

No other items accounted for greater than five percent of total current liabilities as of February 2, 2008 or February 3, 2007.

Accrued Expenses and Other Current Liabilities

STYLE="margin-top:6px;margin-bottom:0px">Accrued expenses and other current liabilities consist of the following:

 


















































































































($ in millions)  February 2,
2008
  February 3,
2007

Accrued compensation and benefits

  $380  $304

Unredeemed gift cards

   319   311

Deferred rent and tenant allowances

   110   109

Workers’ compensation

   38   36

Accrued advertising

   30   23

General liability insurance

   28   38

Sales return allowance

   22   21

Credit card rewards

   18   26

Other current liabilities

   314   291
        

Accrued expenses and other current liabilities

  $1,259  $1,159
        

 


48  Gap Inc. Form 10-K







Table of Contents


 

As of February 2, 2008, we began classifying gift
card liability and credit card reward certificate liability as accrued expenses and other current liabilities in our Consolidated Balance Sheets. Accordingly, gift card liability of $311 million and credit card reward certificate liability of $26
million as of February 3, 2007, which were previously classified as accounts payable on the Consolidated Balance Sheets, were reclassified to conform to the current year presentation.

STYLE="margin-top:12px;margin-bottom:0px">No other items accounted for greater than five percent of total current liabilities as of February 2, 2008 or February 3, 2007.

STYLE="margin-top:18px;margin-bottom:0px">Lease Incentives and Other Long-Term Liabilities

Lease incentives and other long-term
liabilities consist of the following:

 










































































($ in millions)  February 2,
2008
  February 3,
2007

Deferred rent and tenant allowances

  $832  $836

Long-term tax-related liabilities

   173   13

Asset retirement obligations

   29   25

Other long-term liabilities

   47   36
        

Lease incentives and other long-term liabilities

  $1,081  $910
        

The activity related to asset retirement obligations was not material for fiscal 2007 and includes fluctuations in foreign
currency rates.

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

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of payroll and related benefits, deferred rent liability and other current liabilities. Accrued payroll and related benefits were $297 million at February 3, 2007 and $225 million at January 28, 2006.

This excerpt taken from the GPS 10-K filed Mar 28, 2006.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of payroll and related benefits, deferred rent liability and other current liabilities. Accrued payroll and related benefits were $225 million at January 28, 2006 and $275 million at January 29, 2005.

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