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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 28, 2015, March 1, 2014 and March 2, 2013
(In thousands, except per share amounts)
14. Leases (Continued)
The Company accounted for these leases as operating leases. The transactions resulted in a gain of
$1,818 which is included in the gain on sale of assets, net for the fifty-two weeks ended March 2, 2013.
The net book values of assets under capital leases and sale-leasebacks accounted for under the
financing method at February 28, 2015 and March 1, 2014 are summarized as follows:
2015 2014
Land......................................... $ 5,063 $ 5,063
Buildings ...................................... 133,177 135,581
Leasehold improvements ........................... 1,330 1,446
Equipment ..................................... 36,934 34,305
Accumulated depreciation .......................... (123,581) (113,536)
$ 52,923 $ 62,859
Following is a summary of lease finance obligations at February 28, 2015 and March 1, 2014:
2015 2014
Obligations under financing leases ..................... $87,253 $102,671
Sale-leaseback obligations ........................... 4,740 4,740
Less current obligation ............................. (30,841) (32,240)
Long-term lease finance obligations .................... $61,152 $ 75,171
Following are the minimum lease payments for all properties under a lease agreement that will
have to be made in each of the years indicated based on non-cancelable leases in effect as of
February 28, 2015:
Lease Financing Operating
Fiscal year Obligations Leases
2016 ...................................... $ 37,592 $1,017,273
2017 ...................................... 19,330 980,733
2018 ...................................... 13,496 904,510
2019 ...................................... 12,370 813,533
2020 ...................................... 8,241 686,302
Later years ................................. 27,507 3,395,003
Total minimum lease payments ................... 118,536 $7,797,354
Amount representing interest .................... (26,543)
Present value of minimum lease payments ........... $ 91,993
15. Stock Option and Stock Award Plans
The Company recognizes share-based compensation expense in accordance with ASC 718,
‘‘Compensation—Stock Compensation.’’ Expense is recognized over the requisite service period of the
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