NetZero 2011 Annual Report Download - page 149

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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. COMMITMENTS AND CONTINGENCIES
Leases
Future minimum lease payments at December 31, 2011 under noncancelable operating leases with initial lease terms in excess of one year
were as follows (in thousands):
The Company leases certain of its facilities, vehicles and operating equipment under operating leases expiring at various periods through
2018. Certain of the Company's operating leases include rent holidays as well as escalation clauses. The Company records rent expense on a
straight-line basis over the lease term. Rent expense under operating leases for the years ended December 31, 2011, 2010 and 2009 was
$15.2 million, $16.7 million and $11.1 million, respectively.
Letters of Credit
Letters of credit are maintained pursuant to certain of the Company's lease arrangements. The letters of credit remain in effect, generally, at
declining levels through the terms of the related leases. In addition, standby letters of credit are maintained by FTD to secure credit card
processing activity. Certificates of deposit totaling $0.3 million and $0.5 million at December 31, 2011 and 2010, respectively, were maintained
by the Company in connection with certain of these letters of credit and were included in other current assets and other assets in the consolidated
balance sheets. Commitments under letters of credit at December 31, 2011 were scheduled to expire as follows (in thousands):
Debt Obligations
Debt obligations, including interest, at December 31, 2011 were as follows:
Other Long-Term Liabilities
Other long-term liabilities at December 31, 2011 were as follows:
F-41
Year Ending December 31,
Total
2012
2013
2014
2015
2016
Thereafter
Operating leases
$
35,988
$
12,533
$
9,946
$
6,259
$
2,191
$
2,113
$
2,946
Year Ending December 31,
Total
2012
2013
Letters of credit
$
1,604
$
1,588
$
16
Year Ending December 31,
Total
2012
2013
2014
2015
2016
Thereafter
Debt, including
interest
$
353,415
$
15,406
$
15,280
$
15,244
$
16,360
$
17,641
$
273,484
Year Ending December 31,
Total
2012
2013
2014
2015
2016
Thereafter
Other long
-
term
liabilities
$
2,979
$
227
$
1,992
$
96
$
96
$
94
$
474