Albertsons 2016 Annual Report Download - page 83
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81
Lease Obligations
Fiscal Year Operating
Leases Capital
Leases
2017 $ 141 $ 42
2018 126 42
2019 105 39
2020 85 36
2021 62 31
Thereafter 167 122
Total future minimum obligations $ 686 312
Less interest (85)
Present value of net future minimum obligations 227
Less current capital lease obligations (24)
Long-term capital lease obligations $ 203
Total future minimum obligations have not been reduced for future minimum subtenant rentals under certain operating
subleases.
Rent expense, other operating lease expense and subtenant rentals all under operating leases consisted of the following:
2016 2015 2014
Minimum rent $ 156 $ 148 $ 143
Contingent rent 5 6 5
Rent expense 161 154 148
Less subtenant rentals (29)(29)(27)
Total net rent expense $ 132 $ 125 $ 121
The Company leases certain property to third parties under operating, capital and direct financing leases. Under the direct
financing leases, the Company leases buildings to independent retail customers with terms ranging from one to five years.
Future minimum lease and subtenant rentals to be received under noncancellable operating and deferred financing income
leases, under which the Company is the lessor, as of February 27, 2016, consist of the following:
Lease Receipts
Fiscal Year Operating
Leases
Direct
Financing
Leases
2017 $ 21 $ 1
2018 18 1
2019 12 —
2020 7 —
2021 3 —
Thereafter 11 —
Total minimum lease receipts $ 72 2
Less interest —
Net investment in direct financing leases 2
Less current portion (1)
Long-term portion $ 1
The carrying value of owned property leased to third parties under operating leases was as follows:
2016 2015
Property, plant and equipment $ 4 $ 4
Less accumulated depreciation (3)(3)
Property, plant and equipment, net $ 1 $ 1