Cracker Barrel 2004 Annual Report Download - page 59

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For reporting purposes, the schedule of future minimum rental payments required under operating leases,
excluding leases for advertising billboards, has been restated to conform the lease term to that used in the straight-line
rent calculation as described in Note 2, and correct miscellaneous errors due to keying mistakes and summation
errors, omission of certain leases and miscalculation of certain lease terms.
The following is a schedule by year of the future minimum rental payments required under operating leases,
excluding leases for advertising billboards, as of July 30, 2004. Included in the amounts below are optional renewal
periods associated with such leases that the Company is currently not legally obligated to exercise; however, it is
reasonably assured that the Company will exercise these options.
Year
Base term and
exercised options*
Renewal periods
not yet exercised** Total
(As Restated,
see Note 2)
(As Restated,
see Note 2)
(As Restated,
see Note 2)
2005 $ 30,174 $ -- $ 30,174
2006 29,741 206 29,947
2007 29,577 357 29,934
2008 29,578 612 30,190
2009 29,490 886 30,376
Later years 290,922 281,996 572,918
Total $439,482 $284,057 $723,539
*Includes base terms and certain optional renewal periods that have been exercised and are included in the lease term
in accordance with SFAS No. 13 (see Note 2).
**Includes certain optional renewal periods that have not yet been exercised, but are included in the lease term for the
straight-line rent calculation. Such optional renewal periods are included because it is reasonably assured by the
Company that it will exercise such renewal options (see Note 2).
The following is a schedule by year of the future minimum rental payments required under operating leases for
advertising billboards as of July 30, 2004:
Year
2005 $20,218
2006 13,604
2007 5,558
2008 109
Total $39,489
Rent expense under operating leases, excluding leases for advertising billboards are recognized on a
straight-line, or average, basis and include any pre-opening periods during construction for which the Company is
legally obligated under the terms of the lease, and any optional renewal periods, for which at the inception of the
lease, it is reasonably assured that the Company will exercise those renewal options. This lease period is
consistent with the period over which leasehold improvements are amortized. Rent Expense for each of the three
years was:
Minimum Contingent Total
(As Restated,
see Note 2)
(As Restated,
see Note 2)
(As Restated,
see Note 2)
2004 $33,111 $852 $33,963
2003 31,084 753 31,837
2002 28,248 776 29,024
Rent expense under operating leases for billboards for each of the three years was:
Minimum Contingent Total
2004 $23,042 -- $23,042
2003 22,811 -- 22,811
2002 21,442 -- 21,442