EMC 2009 Annual Report Download - page 76

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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The expected long-term rate of return on plan assets considers the current level of expected returns on risk free investments (primarily government
bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns
of each asset class. The expected return for each asset class was weighted based on the target asset allocation to develop the expected long-term rate of return
on assets. The weighted average target asset allocations are as follows:
December 31,
2009
U.S. Large Capitalization Equities 45%
U.S. Small Capitalization Equities 15
International Equities 10
U.S. Core Fixed Income 20
High Yield Fixed Income 10
Total 100%
The actual allocation of the assets in the Pension Plans at December 31, 2009 and 2008 were as follows:
December 31,
2009
December 31,
2008
U.S. Large Capitalization Equities 48% 42%
U.S. Small Capitalization Equities 10 9
International Equities 13 11
U.S. Core Fixed Income 22 32
High Yield Fixed Income 7 6
Total 100% 100%
N. Commitments and Contingencies
Operating Lease Commitments
We lease office and warehouse facilities and equipment under various operating leases. Facility leases generally include renewal options. Rent expense
was as follows (table in thousands):
2009 2008 2007
Rent expense $ 300,609 $ 299,481 $ 277,602
Sublease proceeds (6,114) (10,740) (12,811)
Net rent expense $ 294,495 $ 288,741 $ 264,791
Our future operating lease commitments as of December 31, 2009 are as follows (table in thousands):
2010 $ 273,814
2011 219,300
2012 172,033
2013 129,068
2014 107,243
Thereafter 450,940
Total minimum lease payments $1,352,398
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