Henry Schein 2009 Annual Report Download - page 108

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HENRY SCHEIN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(In thousands, except share and per share data)
96
Note 14 – Employee Benefit Plans – (Continued)
401(k) employee-elected contribution percentage applied to base compensation for the portion of the year
in which such employees are not eligible to make pre-tax contributions to the 401(k) plan. The amounts
charged (credited) to operations during the years ended December 26, 2009, December 27, 2008 and
December 29, 2007 amounted to $1.9 million, $(1.6) million and $1.7 million. The reduction in expense
during the year ended December 27, 2008 was due to a decrease in the market value of the plan’s
investments during the period.
Note 15 – Commitments and Contingencies
Operating Leases
We lease facilities and equipment under non-cancelable operating leases expiring through 2025. We
expect that in the normal course of business, leases will be renewed or replaced by other leases.
Future minimum annual rental payments under our non-cancelable operating leases as of December
26, 2009 were:
2010 ............................................................................................ 59,611$
2011 ............................................................................................ 44,313
2012 ............................................................................................ 33,140
2013 ............................................................................................ 20,427
2014 ............................................................................................ 12,832
Thereafter ................................................................................... 41,355
Total minimum operating lease payments ............................. 211,678$
Total rental expense attributable to continuing operations for the years ended December 26, 2009,
December 27, 2008 and December 29, 2007 was $56.1 million, $59.0 million and $50.4 million.
Capital Leases
We lease certain equipment under capital leases. Future minimum annual lease payments under our
capital leases together with the present value of the minimum capital lease payments as of December 26,
2009 were:
2010 ............................................................................................. 2,320$
2011 ............................................................................................. 1,541
2012 ............................................................................................. 1,142
2013 ............................................................................................. 416
2014 ............................................................................................. 699
Thereafter ..................................................................................... -
Total minimum capital lease payments ........................................ 6,118
Less: Amount representing interest at 3.20% to 12.27% ............. (486)
Total present value of minimum capital lease payments ......... 5,632$