Henry Schein 2014 Annual Report Download - page 110
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HENRY SCHEIN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(in thousands, except per share data)
96
Note 16 – Employee Benefit Plans – (Continued)
Deferred Compensation Plan
During 2011, we began to offer a deferred compensation plan to a select group of management or highly
compensated employees of the Company and certain associated companies. This plan allows for the elective
deferral of base salary, bonus and/or commission compensation by eligible employees. The amounts charged to
operations during the years ended December 27, 2014, December 28, 2013 and December 29, 2012 were
approximately $0.7 million, $1.1 million and $0.3 million, respectively.
Note 17 – Commitments and Contingencies
Operating Leases
We lease facilities and equipment under non-cancelable operating leases expiring through 2033. 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 27, 2014
were:
2015 ..............................................................................
.
$ 78,898
2016 ..............................................................................
.
61,781
2017 ..............................................................................
.
44,974
2018 ..............................................................................
.
35,534
2019 ..............................................................................
.
27,863
Thereafter .....................................................................
.
80,778
Total minimum operating lease payments ..............
.
$ 329,828
Total rental expense for the years ended December 27, 2014, December 28, 2013 and December 29, 2012 was
$76.1 million, $70.8 million and $68.2 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 27, 2014 were:
2015 .................................................................................................
.
$ 1,782
2016 .................................................................................................
.
1,435
2017 .................................................................................................
.
1,067
2018 .................................................................................................
.
803
2019 .................................................................................................
.
617
Thereafter .........................................................................................
.
2,814
Total minimum capital lease payments ............................................
.
8,518
Less: Amount representing interest at 2.00% to 13.00% (1,216)
Total present value of minimum capital lease payments .............
.
$ 7,302