Costco 2011 Annual Report Download - page 70

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Future minimum payments, net of sub-lease income of $183 for all years combined, during the next
five fiscal years and thereafter under non-cancelable operating leases with terms of at least one year
and capital leases, at the end of 2011, were as follows:
Operating
leases
Capital lease
obligations
2012 ................................................... $ 183 $ 13
2013 ................................................... 182 13
2014 ................................................... 175 13
2015 ................................................... 162 13
2016 ................................................... 155 13
Thereafter ............................................... 1,850 311
Total ................................................ $2,707 376
Less amount representing interest ........................... (207)
Net present value of minimum lease payment .................. 169
Less current installments(1) ................................ (3)
Long-term capital lease obligations less current installments(2) . . . $ 166
(1) Included in other current liabilities.
(2) Included in deferred income taxes and other liabilities.
Certain leases may require the Company to incur costs to return leased property to its original
condition, such as the removal of gas tanks. Estimated asset retirement obligations associated with
these leases, which amounted to $31 and $26 at the end of 2011 and 2010, respectively, are recorded
and included in deferred income taxes and other liabilities on the consolidated balance sheets.
Note 6—Stockholders’ Equity
Dividends
The Company’s current quarterly dividend rate is $0.24 per share.
Stock Repurchase Programs
The Company’s stock repurchase activity during 2011, 2010, and 2009 is summarized in the following
table:
Shares
Repurchased
(000’s)
Average
Price per
Share
Total
Cost
2011 .......................................... 8,939 $71.74 $641
2010 .......................................... 9,943 57.14 568
2009 .......................................... 895 63.84 57
These amounts differ from the stock repurchase balances in the consolidated statements of cash flows
to the extent that repurchases had not settled at the end of the fiscal year. Purchases are made from
time-to-time, as conditions warrant, in the open market or in block purchases, and pursuant to share
repurchase plans under SEC Rule 10b5-1. Repurchased shares are retired.
68