Albertsons 2014 Annual Report Download - page 88

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Other
Prior to the completion of the Refinancing Transactions and at February 23, 2013, the Company had the ability to
borrow up to $200 on a revolving basis under its accounts receivable securitization facility, with borrowings
secured by eligible accounts receivable, which remained under the Company’s control. As of February 23, 2013,
there was $40 of outstanding borrowings under this facility at 1.98 percent. Facility fees on the unused portion
were 0.70 percent. As of February 23, 2013, there was $282 of accounts receivable pledged as collateral,
classified in Receivables, net, in the Consolidated Balance Sheet. As discussed above, this facility was repaid and
terminated on March 21, 2013 in connection with the Refinancing Transactions.
As of February 23, 2013, the Company had $18 of debt with current maturities that were classified as long-term
debt due to the Company’s intent to refinance such obligations with the Revolving ABL Credit Facility due
March 2018 or other long-term debt.
NOTE 7—LEASES
The Company leases most of its retail stores and certain 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 22, 2014, consist of the following:
Lease Obligations
Fiscal Year
Operating
Leases
Capital
Leases
2015 $ 122 $ 51
2016 116 48
2017 99 44
2018 79 41
2019 60 39
Thereafter 150 169
Total future minimum obligations $ 626 392
Less interest (119)
Present value of net future minimum obligations 273
Less current capital lease obligations (27)
Long-term capital lease obligations $ 246
Total future minimum obligations have not been reduced for future minimum subtenant rentals of $69 under
certain operating subleases.
Rent expense and subtenant rentals under operating leases consisted of the following:
2014 2013 2012
Minimum rent $ 129 $ 127 $ 118
Contingent rent 5 6 2
Rent expense 134 133 120
Subtenant rentals (13) (13) (15)
Total net rent expense $ 121 $ 120 $ 105
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