Kohl's 2010 Annual Report Download - page 60

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Table of Contents


.
Assets held under capital leases are included in property and equipment and depreciated over the term of the lease. Assets under capital leases consist of
the following:





Buildings and improvements  $214
Equipment  27
Less accumulated depreciation  (89)
 $152
Future minimum lease payments at January 29, 2011, are as follows:





Fiscal Year:
2011 $32 $482
2012 30 476
2013 28 471
2014 23 468
2015 19 463
Thereafter 210 8,920
342 $11,280
Less amount representing interest 140
Present value of lease payments $202
 
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 $20 million for 2010, $17 million for 2009 and $8 million for 2008. 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 100%
of their base compensation, subject to certain statutory limits. Prior to 2010, we matched 100% of the first 3% of each participant’s contribution. This match
was increased to 5% in 2010. Prior to 2010, we also made defined annual contributions for all qualifying associates based on a percentage of qualifying
payroll earnings. Defined contribution plan expense, net of forfeitures, was $34 million for 2010, $37 million for 2009 and $30 million for 2008.
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 2010, 2009, and 2008 was immaterial.
F-16