Crucial 2011 Annual Report Download - page 164
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14
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
were US$8,010 thousand and US$1,990 thousand, respectively from January 1, 2019 to December 31, 2023; the subsequent
yearly renewal rentals for the leased building including facilities and land were US$10 thousand and US$1,990 thousand
commencing from January 1, 2024. The amended lease agreement for the building including facilities is treated as a capital
lease because (a) the present value of the periodic rental payments made since the inception date is at least 90% of the
market value of the leased assets and (b) the lease term is equal to 75% or more of the total estimated economic life of the
leased assets. The land is treated as an operating lease because the fair value of the land is 25 percent or more of the total fair
value of the leased property at the inception of the lease. The total present value of lease payables from the capital lease of
the building including facilities was $2,656,223; the implicit interest rate was 10.56%. The fair value of the leased assets at
the beginning of the lease period was $2,656,223. The Company recognized interest expenses from lease payables of
$291,824 and $294,788, for the years ended December 31, 2009 and 2010, respectively.
(Continued)
(c)
As of December 31, 2009 and 2010, the details of these lease payables were as follows:
December 31,
2009 2010
Lease payables
$
2,948,047
2,813,506
Less: current portion of lease payables
(134,541
)
(149,323
)
Lease payables—long-term
$
2,813,506
2,664,183
(d)
For the years ended December 31, 2008, 2009 and 2010, the lease expenses for the operating lease of the land (classified
under manufacturing overhead) were $4,288, $0 and $63,351, respectively.
(e)
Future lease payments (excluding interest component) classified as capital lease or operating lease as of December 31, 2010,
were as follows:
December 31, 2010
Duration Capital lease Operating lease
(in thousands of
US Dollars)
2011.1.1~2011.12.31
$
149,323
1,990
2012.1.1~2012.12.31
165,728
1,990
2013.1.1~2013.12.31
183,935
1,990
2014.1.1~2014.12.31
204,143
1,990
On and after 2015.1.1
2,110,377
19,900
Total
$
2,813,506
27,860