Albertsons 2004 Annual Report Download - page 72

Download and view the complete annual report

Please find page 72 of the 2004 Albertsons annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 87

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87

SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Future minimum obligations under capital leases in effect at February 28, 2004 are as follows:
Lease
Obligations
(In thousands)
Fiscal Year
2005 $ 63,345
2006 62,072
2007 62,209
2008 61,509
2009 58,528
Later 539,825
Total future minimum obligations 847,488
Less interest 365,679
Present value of net future minimum obligations 481,809
Less current obligations 24,955
Long-term obligations $456,854
The present values of future minimum obligations shown are calculated based on interest rates ranging from
6.0 percent to 13.8 percent, with a weighted average rate of 8.1 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
28, 2004 are as follows:
Operating
Lease
Obligations
(In thousands)
Fiscal Year
2005 $ 160,589
2006 124,290
2007 114,736
2008 94,020
2009 135,802
Later 403,126
Total future minimum obligations $1,032,563
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 $119.7 million, $113.7 million and $100.7 million in fiscal 2004, 2003 and 2002, respectively.
F-25