Home Depot 2006 Annual Report Download - page 65

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The approximate future minimum lease payments under capital and all other leases at January 28, 2007
were as follows (in millions):
Capital Operating
Fiscal Year Leases Leases
2007 $ 78 $ 917
2008 79 846
2009 78 734
2010 80 647
2011 80 566
Thereafter through 2097 928 5,421
1,323 $9,131
Less imputed interest 904
Net present value of capital lease obligations 419
Less current installments 13
Long-term capital lease obligations, excluding current
installments $ 406
Short-term and long-term obligations for capital leases are included in the accompanying Consolidated
Balance Sheets in Current Installments of Long-Term Debt and Long-Term Debt, respectively. The
assets under capital leases recorded in Property and Equipment, net of amortization, totaled
$340 million and $304 million at January 28, 2007 and January 29, 2006, respectively.
8. EMPLOYEE BENEFIT PLANS
The Company maintains active defined contribution retirement plans for its employees (‘‘the Benefit
Plans’’). All associates satisfying certain service requirements are eligible to participate in the Benefit
Plans. The Company makes cash contributions each payroll period up to specified percentages of
associates’ contributions as approved by the Board of Directors.
The Company also maintains a restoration plan to provide certain associates deferred compensation
that they would have received under the Benefit Plans as a matching contribution if not for the
maximum compensation limits under the Internal Revenue Code. The Company funds the restoration
plan through contributions made to a grantor trust, which are then used to purchase shares of the
Company’s common stock in the open market.
The Company’s contributions to the Benefit Plans and the restoration plan were $159 million,
$132 million and $114 million for fiscal 2006, 2005 and 2004, respectively. At January 28, 2007, the
Benefit Plans and the restoration plan held a total of 26 million shares of the Company’s common
stock in trust for plan participants.
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