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SWY » Topics » Note C: Store Lease Exit Costs and Impairment Charges

This excerpt taken from the SWY 10-K filed Mar 2, 2010.

Note C:  Store Lease Exit Costs and Impairment Charges

Impairment Write-Downs    Safeway recognized impairment charges on the write-down of long-lived assets of $73.7 million in 2009, $40.3 million in 2008 and $27.1 million in 2007. These charges are included as a component of operating and administrative expense.

Store Lease Exit Costs    The reserve for store lease exit costs includes the following activity for 2009, 2008 and 2007 (in millions):

 

      2009     2008     2007  

Beginning balance

    $   100.1      $   128.2      $   126.7   

Provision for estimated net future cash flows of additional closed stores (1)

      1.1        3.5        31.5   

Net cash flows, interest accretion, changes in estimates of net future cash flows

      (13.6 )      (31.6 )      (30.0 ) 

Ending balance

    $ 87.6      $ 100.1      $ 128.2   

 

(1) Estimated net future cash flows represents future minimum lease payments and related ancillary costs from the date of closure to the end of the remaining lease term, net of estimated cost recoveries that may be achieved through subletting properties or through favorable lease terminations.

Store lease exit costs are included as a component of operating and administrative expense, and the liability is included in accrued claims and other liabilities.

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