Nautilus 2003 Annual Report Download - page 61

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Table of Contents
Operating Leases – The Company has operating leases for various domestic and international properties with functional uses
predominantly ranging from, but not limited to, warehousing and distribution, product development, administration, and product sales.
The Company also has operating leases for certain equipment mainly consisting of product delivery trucks used in our commercial fitness
equipment business and product service vans for warranty related matters. Rent expense under all leases was $3,215, $4,216, and $937 in
2003, 2002 and 2001, respectively.
Obligations – Operating leases under which the Company is presently obligated expire over various terms through June 2014. Future
minimum lease payments under the noncancellable operating leases are as follows:
2004
$
2,474
2005
2,279
2006
1,873
2007
1,550
2008
1,392
Thereafter
1,945
Minimum lease payments
$
11,513
10.
INCOME TAXES
The provision for income taxes consists of the following for the three years ended December 31, 2003:
-
60
-
2003
2002
2001
Current:
Federal
$
18,998
$
48,483
$
34,516
State
731
1,597
1,986
Foreign
287
—
—
Total current
20,016
50,080
36,502
Deferred:
Federal
(584
)
4,821
1,706
State
(36
)
159
27
Foreign
(45
)
—
—
Total deferred
(665
)
4,980
1,733
Total provision
$
19,351
$
55,060
$
38,235