Saks Fifth Avenue 2010 Annual Report Download - page 73

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SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
MATURITIES
At January 29, 2011, maturities of long-term debt and capital lease obligations for the next five years and
thereafter are as follows:
Year Maturities
2011 ............................................................ $147,498
2012 ............................................................ 6,016
2013 ............................................................ 128,694
2014 ............................................................ 6,354
2015 ............................................................ 5,751
Thereafter ........................................................ 255,010
Subtotal .......................................................... 549,323
Unamortized discount as of January 29, 2011 ............................ (42,575)
Total ............................................................ $506,748
The Company made interest payments of $35,286, $36,388, and $31,741, of which $721, $758, and $1,308
was capitalized into property and equipment during 2010, 2009, and 2008, 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 29, 2011, future minimum rental commitments under capital leases and non-cancelable operating
leases consisted of the following:
Operating
Leases
Capital
Leases
2011 .................................................. $ 60,811 $ 11,997
2012 .................................................. 55,693 11,547
2013 .................................................. 49,855 11,521
2014 .................................................. 41,770 10,673
2015 .................................................. 38,467 9,369
Thereafter .............................................. 151,080 35,059
$397,676 90,166
Amounts representing interest .............................. (36,436)
Capital lease obligations .................................. $53,730
Total rental expense for operating leases was $98,501, $101,756, and $101,063 during 2010, 2009, and
2008, respectively, including contingent rent of $14,284, $13,301, and $17,381, respectively, and common area
maintenance costs of $11,611, $12,299, and $12,702, respectively.
F-23