Kohl's 2009 Annual Report Download - page 58

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Table of Contents


.
Future minimum lease payments at January 30, 2010, are as follows:





Fiscal Year:
2010 $ 28 $ 479
2011 27 470
2012 24 461
2013 20 457
2014 18 460
Thereafter 160 8,711
277 $11,038
Less amount representing interest 103
Present value of lease payments $174
 
We have an Employee Stock Ownership Plan (“ESOP”) for the benefit of our non-management associates. Contributions are made at the discretion of the
Board of Directors. ESOP expenses totaled $17 million for 2009, $8 million for 2008 and $19 million for 2007. Shares of our stock held by the ESOP are
included as shares outstanding for purposes of the net income per share computations.
We also have a defined contribution savings plan covering all full-time and certain part-time associates. Participants in this plan may invest up to 25%
of their base compensation, subject to certain statutory limits. Through 2009, we matched 100% of the first 3% of each participant’s contribution. We also
make defined annual contributions for all qualifying associates based on a percentage of qualifying payroll earnings. Defined contribution plan expense, net of
forfeitures, was $37 million for 2009, $30 million for 2008 and $25 million for 2007.
We also offer a non-qualified deferred compensation plan to a group of executives which provides for pre-tax compensation deferrals up to 100% of
salary and/or bonus. Deferrals and credited investment returns are 100% vested. The expense for 2009, 2008, and 2007 was immaterial.
 
Deferred income taxes consist of the following:





Deferred tax liabilities:
Property and equipment  $560
Deferred tax assets:
Merchandise inventories  38
Accrued and other liabilities, including stock options  166
Accrued step rent liability  81
Unrealized loss on auction rate securities   29
 314
 $ 246
F-16