Albertsons 2010 Annual Report Download - page 57

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As of February 27, 2010, the Company had $479 of debt with current maturities that are classified as long-
term debt due to the Company’s intent to refinance such obligations with the Revolving Credit Facility or
other long-term debt.
NOTE 7—LEASES
The Company leases certain retail stores, distribution centers, office facilities and equipment from third parties.
Many of these leases include renewal options and, to a limited extent, include options to purchase. Future
minimum lease payments to be made by the Company for noncancellable operating leases and capital leases
as of February 27, 2010 consist of the following:
Fiscal Year
Operating
Leases
Capital
Leases
Lease Obligations
2011 $ 423 $ 162
2012 400 154
2013 352 153
2014 312 150
2015 276 147
Thereafter 1,812 1,371
Total future minimum obligations $3,575 2,137
Less interest (870)
Present value of net future minimum obligations 1,267
Less current obligations (69)
Long-term obligations $1,198
Total future minimum obligations have not been reduced for future minimum subtenant rentals of $308 under
certain operating subleases.
Rent expense and subtenant rentals under operating leases consisted of the following:
2010 2009 2008
Minimum rent $455 $460 $450
Contingent rent 6 8 7
461 468 457
Subtenant rentals (66) (67) (66)
$395 $401 $391
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 retail customers with terms ranging
51