Dick's Sporting Goods 2003 Annual Report Download - page 46

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dks 03ar 44
Scheduled principal payments on long-term debt as of January 31, 2004 are as follows:
Fiscal Year
(Dollars in thousands)
2004 $ 175
2005 193
2006 84
2007 46
2008 48
Thereafter 613
$1,159
6. LEASES
Capital Lease Obligations The Company leases two buildings from the estate of a former stockholder, which is
related to current stockholders of the Company, under a capital lease entered into May 1, 1986 which expires in April
2021. The gross and net carrying values of assets under capital leases are approximately $3,599,000 and $1,937,000
as of January 31, 2004 and $3,139,000 and $1,411,000 as of February 1, 2003, respectively.
Scheduled lease payments under capital lease obligations as of January 31, 2004 are as follows:
Fiscal Year
(Dollars in thousands)
2004 $ 529
2005 529
2006 240
2007 240
2008 240
Thereafter 2,955
4,733
Less amount representing interest 1,976
Present value of net scheduled lease payments 2,757
Less amounts due in one year 330
$2,427
Operating Lease Agreements The Company leases substantially all of its stores, as well as certain office facilities,
distribution centers and equipment, under noncancelable operating leases that expire at various dates through 2025.
Certain of the store lease agreements contain renewal options for additional periods of five to ten years and contain
certain rent escalation clauses. The lease agreements provide primarily for the payment of minimum annual rentals,
costs of utilities, property taxes, maintenance, common areas and insurance, and in some cases contingent rent stated
as a percentage of gross sales over certain base amounts. Rent expense under these operating leases was approximately
$100,489,000, $88,183,000 and $74,918,000 for fiscal 2003, 2002 and 2001, respectively. The Company entered into
sale-leaseback transactions related to store fixtures, buildings and equipment that resulted in cash receipts of
$14,726,000, $6,417,000, and $10,254,000 for fiscal 2003, 2002 and 2001, respectively.
Scheduled lease payments due (including lease commitments for 23 stores not yet opened at January 31, 2004) under
noncancelable operating leases as of January 31, 2004 are as follows:
Fiscal Year
(Dollars in thousands)
2004 $ 118,898
2005 126,291
2006 124,298
2007 121,872
2008 119,390
Thereafter 987,260
$1,598,009