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GPS » Topics » Gift Card/Gift Certificate Revenue Recognition

This excerpt taken from the GPS 10-K filed Mar 28, 2005.

Gift Card/Gift Certificate Revenue Recognition

 

Upon the purchase of a gift card or issuance of a gift certificate, a liability is established for the cash value of the gift card/certificate. Revenue from gift card and gift certificate sales are recognized at the time of redemption. The liability remains on the books until the earlier of redemption, escheatment or 60 months. After 60 months, the remaining portion of the liability is relieved and recognized as other income. It is our historical experience that the likelihood of redemption after 60 months is remote. The liability for gift cards and gift certificates is recorded in accounts payable on the Consolidated Balance Sheets and was $363 million at January 29, 2005 and $309 million at January 31, 2004.

 

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