PROPERTY

12 Months Ended

Mar. 29, 2012

NOTE 5—PROPERTY

A summary of property is as follows:

(In thousands)	March 29, 2012		March 31, 2011

Property owned:
Land	$	50,134	$	51,161
Buildings and improvements		184,420		184,671
Leasehold improvements		898,916		884,214
Furniture, fixtures and equipment		1,309,969		1,338,915

		2,443,439		2,458,961
Less—accumulated depreciation and amortization		1,573,608		1,515,466

		869,831		943,495

Property leased under capital leases:
Buildings and improvements		32,503		33,864
Less—accumulated amortization		18,637		18,637

		13,866		15,227

	$	883,697	$	958,722

Property is recorded at cost or fair value, in the case of property resulting from acquisitions. The Company uses the straight-line method in computing depreciation and amortization for financial reporting purposes. The estimated useful lives for leasehold improvements reflect the shorter of the base terms of the corresponding lease agreements or the expected useful lives of the assets. The estimated useful lives are as follows:


Buildings and improvements		5 to 40 years
Leasehold improvements		1 to 20 years
Furniture, fixtures and equipment		1 to 10 years

Expenditures for additions (including interest during construction) and betterments are capitalized, and expenditures for maintenance and repairs are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal. Gains or losses resulting from property disposals are included in operating expense in the accompanying Consolidated Statements of Operations.

Depreciation expense was $186,147,000, $182,939,000 and $163,506,000 for the periods ended March 29, 2012, March 31, 2011, and April 1, 2010, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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