Bed, Bath and Beyond 2015 Annual Report Download - page 95

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As of February 27, 2016, future minimum lease payments under non-cancelable operating leases were as follows:
(in thousands)
Operating
Leases
Fiscal Year:
2016 $ 585,118
2017 538,142
2018 473,163
2019 407,510
2020 325,149
Thereafter 955,643
Total future minimum lease payments $3,284,725
Expenses for all operating leases were $568.1 million, $566.0 million and $559.8 million for fiscal 2015, 2014
and 2013, respectively.
As of February 27, 2016 and February 28, 2015, the capital lease obligations were approximately $6.5 million
and $3.5 million, respectively, for which the current and long-term portions are included within accrued expenses
and other current liabilities and deferred rent and other liabilities, respectively, in the consolidated balance sheet.
Monthly minimum lease payments are accounted for as principal and interest payments. Interest expense for all
capital leases was $0.4 million, $0.5 million and $0.5 million for fiscal 2015, 2014 and 2013, respectively. The
minimum capital lease payments, including interest, by fiscal year are: $1.2 million in fiscal 2016, $1.2 million in
fiscal 2017, $1.0 million in fiscal 2018, $1.0 million in fiscal 2019, $0.9 million in fiscal 2020 and $3.3 million
thereafter.
The Company has financing obligations, related to two sale/leaseback agreements, which approximated the
discounted fair value of the minimum lease payments, had a residual fair value at the end of the lease term and
are being amortized over the term of the respective agreements, including option periods, of 32 and 35 years. As
of February 27, 2016 and February 28, 2015, the sale/leaseback financing obligations were approximately $104.0
million and $104.6 million, respectively, for which the current and long-term portions are included within
accrued expenses and other current liabilities and deferred rent and other liabilities, respectively, in the
consolidated balance sheet. Monthly lease payments are accounted for as principal and interest payments (at
approximate annual interest rates of 7.2% and 10.6%). These sale/leaseback financing obligations, excluding the
residual fair value at the end of the lease term, mature as follows: $0.7 million in fiscal 2016, $0.8 million in
fiscal 2017, $0.8 million in fiscal 2018, $0.8 million in fiscal 2019, $0.9 million in fiscal 2020 and $76.4 million
thereafter.
9. EMPLOYEE BENEFIT PLANS
Defined Contribution Plans
The Company has five defined contribution savings plans covering all eligible employees of the Company (“the
Plans”). Participants of the Plans may defer annual pre-tax compensation subject to statutory and Plan
limitations. In addition, a certain percentage of an employee’s contributions are matched by the Company and
vest over a specified period of time, subject to certain statutory and Plan limitations. The Company’s match was
approximately $13.9 million, $13.2 million and $12.5 million for fiscal 2015, 2014 and 2013, respectively, which
was expensed as incurred.
Nonqualified Deferred Compensation Plan
The Company has a nonqualified deferred compensation plan (“NQDC”) for the benefit of employees who are
defined by the Internal Revenue Service as highly compensated. Participants of the NQDC may defer annual
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