Albertsons 2008 Annual Report Download - page 92

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Rent expense and subtenant rentals under operating leases and amortization expense under capital leases were as
follows:
2008 2007 2006
Operating leases:
Minimum rent $450 $366 $147
Contingent rent 7 5 1
457 371 148
Subtenant rentals (66) (54) (26)
$391 $317 $122
Capital Leases:
Amortization expense $ 64 $ 54 $ 32
The Company was party to a synthetic leasing program for one of its major warehouses. The lease qualified for
operating lease accounting treatment under SFAS No. 13, “Accounting for Leases.” For additional information
on the synthetic lease, refer to Note 15—Commitments, Contingencies and Off-Balance Sheet Arrangements.
The Company leases certain property to third parties under both operating and direct financing leases. Under the
direct financing leases, the Company leases buildings to independent retailers with terms ranging from five to 20
years. Future minimum lease and subtenant rentals under noncancellable leases in effect at February 23, 2008
were as follows:
Lease Receipts
Fiscal Year
Operating
Leases
Direct
Financing
Leases
2009 $18 $ 9
2010 13 8
2011 10 7
2012 7 6
2013 6 6
Thereafter 9 21
Total minimum lease receipts $63 57
Less unearned income (16)
Net investment in direct financing leases 41
Less current portion (5)
Long-term portion $ 36
F-26