Foot Locker 2011 Annual Report Download - page 72

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FOOT LOCKER, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15. Leases
The Company is obligated under operating leases for almost all of its store properties. Some of the store
leases contain renewal options with varying terms and conditions. Management expects that in the normal
course of business, expiring leases will generally be renewed or, upon making a decision to relocate,
replaced by leases on other premises. Operating lease periods generally range from 5 to 10 years. Certain
leases provide for additional rent payments based on a percentage of store sales. Most of the Company’s
leases require the payment of certain executory costs such as insurance, maintenance, and other costs in
addition to the future minimum lease payments. These costs, including the amortization of lease rights,
totaled $130 million, $131 million, and $138 million in 2011, 2010, and 2009, respectively. Included in the
amounts below, are non-store expenses that totaled $17 million in 2011 and $15 million in 2010 and 2009.
2011 2010 2009
(in millions)
Minimum rent $525 $507 $514
Contingent rent based on sales 20 16 14
Sublease income (1) (1) (2)
$544 $522 $526
Future minimum lease payments under non-cancelable operating leases, net of future non-cancelable
operating sublease payments, are:
(in millions)
2012 $ 478
2013 420
2014 366
2015 321
2016 260
Thereafter 672
Total operating lease commitments $2,517
16. Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, net of tax, is comprised of the following:
2011 2010 2009
(in millions)
Foreign currency translation adjustments $ 63 $ 86 $ 75
Cash flow hedges (1) 1 —
Unrecognized pension cost and postretirement benefit (264) (254) (266)
Unrealized loss on available-for-sale security (2) (2) (2)
$(204) $(169) $(193)
52