Kohl's 2010 Annual Report Download - page 53
Download and view the complete annual report
Please find page 53 of the 2010 Kohl's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
 |
 |
Table of Contents
We capitalize interest on the acquisition and construction of new locations and expansion of existing locations and depreciate that amount over the lives
of the related assets. Capitalized interest was $6 million for 2010, $5 million for 2009 and $8 million for 2008.
Favorable lease rights are generally amortized on a straight-line basis over the remaining base lease term plus certain options with a maximum of 50
years. Amortization begins when the respective stores are opened. Accumulated amortization was $130 million at January 29, 2011 and $119 million at
January 30, 2010. Amortization expense was $11 million for 2010, $10 million for 2009 and $13 million for 2008. Amortization expense for current favorable
lease rights is estimated to be $11 million per year for each of the next three years and $10 million per year for 2014 and 2015.
All property and equipment and other long-lived assets (including favorable lease rights, trademarks and goodwill) are reviewed when events or changes
in circumstances indicate that the asset’s carrying value may not be recoverable. If such indicators are present, it is determined whether the sum of the
estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. No material impairments were recorded in 2010,
2009, or 2008 as a result of the tests performed.
Accrued liabilities consist of the following:
Various liabilities to customers $ 221
Payroll and related fringe benefits 201
Sales, property and use taxes 156
Due to JPMorgan Chase 121
Accrued construction costs 76
Accrued interest 22
Other 205
$1,002
The various liabilities to customers include gift cards and merchandise return cards that have been issued but not presented for redemption.
We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related
health care benefits, a portion of which is paid by our associates. Liabilities associated with these losses include estimates of both reported losses and losses
incurred
F-9