LensCrafters 2009 Annual Report Download - page 101

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NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS | 99 <
Year ending December 31
2010 272,444
2011 233,327
2012 195,864
2013 162,090
2014 137,180
Thereafter 303,404
Total 1,304,309
Other Commitments - The Company is committed to pay amounts in future periods for endorsement
contracts, supplier purchase and other long term commitments. Endorsement contracts are entered into
with selected athletes and others who endorse Oakley products. Oakley is often required to pay speci-
fi ed minimal annual commitments and, in certain cases, additional amounts based on performance goals.
Certain contracts provide additional incentives based on the achievement of specifi ed goals. Supplier
commitments have been entered into with various suppliers in the normal course of business. Other com-
mitments mainly include auto, machinery and equipment lease commitments as well as commitments
to open additional Sunglass Hut points of sale in approximately 430 Macy's department stores in the US
pursuant to an agreement entered into with Macy's Inc. on December 4, 2009.
Future minimum amounts to be paid for endorsement contracts and supplier purchase commitments at
December 31, 2009 are as follows (thousands of Euro):
Year ending December 31 Endorsement
contracts
Supplier
commitments
Other
commitments
2010 5,935 6,274 7,907
2011 2,916 1,568 5,819
2012 906 3,865
2013 96
Thereafter 11
Total 9,757 7,842 17,698
Guarantees
The United States Shoe Corporation, a wholly owned subsidiary of the Company, remains contingently
liable on six store leases in the United Kingdom. These leases were previously transferred to third parties.
The third parties have assumed all future obligations of the leases from the date each agreement was
signed. However, under the common law of the United Kingdom, the lessor still has the right to seek pay-
ment of certain amounts from the Company if unpaid by the new obligor. If the Company is required to pay
under these guarantees, it has the right to recover amounts from the new obligor. These leases will expire
during various years until December 31, 2017. At December 31, 2009, the maximum amount for which the
Company’s subsidiary is contingently liable is GBP 4.3 million (Euro 4.7 million).
A US subsidiary has guaranteed future minimum lease payments for certain store locations leased directly