Albertsons 2003 Annual Report Download - page 60

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Future minimum obligations under capital leases in effect at February 22, 2003 are as follows:
Lease
Obligations
(In thousands)
Fiscal Year
2004 $ 66,395
2005 65,873
2006 64,513
2007 64,708
2008 63,908
Later 591,981
Total future minimum obligations 917,378
Less interest 402,393
Present value of net future minimum obligations 514,985
Less current obligations 23,615
Long-term obligations $491,370
The present values of future minimum obligations shown are calculated based on interest rates ranging from
6.8 percent to 13.8 percent, with a weighted average rate of 8.3 percent, determined to be applicable at the
inception of the leases.
In addition to its capital leases, the company is obligated under operating leases, primarily for buildings,
warehouses and computer equipment. Future minimum obligations under operating leases in effect at
February 22, 2003 are as follows:
Lease
Obligations
(In thousands)
Fiscal Year
2004 $ 141,612
2005 126,064
2006 109,598
2007 97,350
2008 81,985
Later 450,561
Total future minimum obligations $1,007,170
The company is party to synthetic leasing programs for two of its major warehouses. The leases qualify for
operating lease accounting treatment under SFAS No. 13, “Accounting for Leases”. For additional information
on synthetic leases, refer to the Commitments, Contingencies and Off-Balance Sheet Arrangements note in the
Notes to Consolidated Financial Statements.
Total rent expense, net of sublease income, relating to all operating leases with terms greater than one year
was $113.7 million, $100.7 million and $88.4 million in fiscal 2003, 2002 and 2001, respectively.
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