Coach 2014 Annual Report Download - page 75

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TABLE OF CONTENTS



$36,851, respectively. The Company made a contingent payment to Shinsegae International, of $6,000 in fiscal 2014 (classified as financing activities
within the Consolidated Statements of Cash Flows) and is scheduled to make a contingent payment of $4,000 during the first quarter of fiscal 2015.
The following table summarizes the fair values of the assets acquired as part of the fiscal 2013 acquisitions:
Assets Acquired Fair Value
Current assets $ 21,448
Fixed assets and other non-current assets 2,351
Goodwill(1) 31,645
Total assets acquired $ 55,444
(1) Approximately $30,000 of the goodwill balance is tax deductible.
Unaudited pro forma information related to the fiscal 2014 and 2013 acquisitions is not included, as the impact of these transactions is not material to
the consolidated results of the Company.

Coach leases office, distribution and retail facilities. The lease agreements, which expire at various dates through 2028, are subject, in most cases, to
renewal options and provide for the payment of taxes, insurance and maintenance. Certain leases contain escalation clauses resulting from the pass-through
of increases in operating costs, property taxes and the effect on costs from changes in consumer price indices. Certain rentals are also contingent upon factors
such as sales.
Rent expense for the Company's operating leases consisted of the following:




June 29,
2013
June 30,
2012
Minimum rent  
$ 169,737
$ 153,577
Contingent rent(1) 
112,568
94,579
  
$ 282,305
$ 248,156
(1) A portion of the increase in contingent rent from fiscal 2013 is due to the inclusion of concession-based expense attributable to certain shop-in-shops in
the International segment.
Future minimum rental payments under noncancelable operating leases are as follows:
Fiscal Year
Amount
2015
$ 208,519
2016
186,808
2017
166,338
2018
135,464
2019
107,937
Subsequent to 2019
405,891
Total minimum future rental payments
$ 1,210,957
73