Saks Fifth Avenue 2008 Annual Report Download - page 79

SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
MATURITIES
At January 31, 2009, maturities of long-term debt and capital lease obligations for the next five years and
thereafter are as follows:
Year Maturities
2009 ............................................................ $ 4,673
2010 ............................................................ 50,924
2011 ............................................................ 303,500
2012 ............................................................ 5,308
2013 ............................................................ 8,746
Thereafter ........................................................ 266,922
$640,073
The Company made interest payments of $31,741, $34,982, and $50,409, of which $1,308, $1,830, and
$3,807 was capitalized into property and equipment during 2008, 2007, and 2006, respectively.
NOTE 7 — COMMITMENTS AND CONTINGENCIES
OPERATING LEASES AND OTHER PURCHASE COMMITMENTS
The Company leases certain property and equipment under various non-cancelable capital and operating
leases. The leases provide for monthly fixed amount rentals or contingent rentals based upon sales in excess of
stated amounts and normally require the Company to pay real estate taxes, insurance, common area maintenance
costs and other occupancy costs. Generally, the leases have primary terms ranging from 20 to 30 years and
include renewal options ranging from 5 to 20 years.
At January 31, 2009, future minimum rental commitments under capital leases and non-cancelable operating
leases consisted of the following:
Operating
Leases
Capital
Leases
2009 .................................................. $ 66,857 $ 11,562
2010 .................................................. 65,356 11,454
2011 .................................................. 60,537 11,234
2012 .................................................. 50,184 10,771
2013 .................................................. 45,329 10,746
Thereafter ............................................. 188,609 54,908
$476,872 110,675
Amounts representing interest .............................. (49,592)
Capital lease obligations .................................. $ 61,083
Total rental expense for operating leases was $101,063, $100,106, and $107,645 during 2008, 2007, and
2006, respectively, including contingent rent of $17,381, $19,612, and $17,897, respectively, and common area
maintenance costs of $12,702, $10,297, and $8,236, respectively. The gross amount of assets recorded under
capital leases as of January 31, 2009 and February 2, 2008 was $130,946 and 134,825 respectively.
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