Dick's Sporting Goods 2006 Annual Report Download - page 57

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Scheduled lease payments under capital lease obligations as of February 3, 2007 are as follows:
Fiscal Year
(In thousands)
2007 $ 888
2008 905
2009 953
2010 953
2011 953
Thereafter 12,157
16,809
Less: amounts representing interest (9,000)
Present value of net scheduled lease payments 7,809
Less: amounts due in one year (106)
$ 7,703
8. Operating Leases
The Company leases substantially all of its stores, office facilities, distribution centers and equipment, under noncancelable
operating leases that expire at various dates through 2027. 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 $205.8 million, $196.3 million and $144.0 million for fiscal 2006, 2005 and 2004, respectively. The Company
entered into sale-leaseback transactions related to store fixtures, buildings and equipment that resulted in cash receipts of
$24.8 million, $18.8 million and $35.7 million for fiscal 2006, 2005 and 2004, respectively.
Scheduled lease payments due (including lease commitments for 39 stores not yet opened at February 3, 2007) under
noncancelable operating leases as of February 3, 2007 are as follows:
Fiscal Year
(In thousands)
2007 $ 230,830
2008 236,681
2009235,771
2010 235,007
2011 228,976
Thereafter 1,651,770
$ 2,819,035
The Company has subleases related to certain of its operating lease agreements. The Company recognized sublease rental income
of $1.2 million, $1.0 and $1.0 for fiscal 2006, 2005 and 2004, respectively.
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