This excerpt taken from the GPS 10-Q filed Jun 10, 2008.
Other Cash Obligations Not Reflected in Condensed Consolidated Balance Sheets
We have assigned certain store and corporate facility leases to third parties as of May 3, 2008. Under these arrangements, we are secondarily liable and have guaranteed the lease payments of the new lessees for the remaining portion of our original lease obligation through 2019. The maximum potential amount of future lease payments we could be required to make is approximately $46 million as of May 3, 2008. The fair value of the guarantees was immaterial as of May 3, 2008.
As party to a reinsurance pool for workers compensation, general liability, and automobile liability, we have guarantees with a maximum exposure of $42 million as of May 3, 2008, of which $2 million has been cash collateralized. We are currently in the process of winding down our participation in the reinsurance pool. Our maximum exposure and cash collateralized balance are expected to decrease in the future as our participation in the reinsurance pool diminishes.