Henry Schein 2003 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2003 Henry Schein annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

HENRY SCHEIN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data)
Note 12–Stockholders’ Equity (Continued)
Supplemental Executive Retirement Plan
We offer an unfunded, non-qualified supplemental executive retirement plan to eligible employees. This plan generally covers officers
and certain highly-compensated employees after they have reached the maximum IRS allowed pre-tax 401(k) contribution limit. Our
contributions to this plan are equal to the 401(k) employee-elected contribution percentage applied to base compensation for the portion
of the year in which such employees are not eligible to make pre-tax contributions to the 401(k) plan. The increases in plan value that
were charged to operations during 2003, 2002 and 2001 amounted to $839, $707 and $426.
Note 13–Commitments and Contingencies
Operating Leases
We lease facilities and equipment under non-cancelable operating leases expiring through 2016. We expect that in the normal course of
business, leases will be renewed or replaced by other leases.
Future minimum annual rental payments under our non-cancelable operating leases as of December 27, 2003 were:
2004 $ 22,286
2005 20,027
2006 15,321
2007 11,770
2008 8,955
Thereafter 24,419
Total minimum operating lease payments $102,778
Total rental expense for 2003, 2002 and 2001 was $26.9 million, $25.8 million, and $26.1 million.
Capital Leases
We lease certain equipment under capital leases. Future minimum annual lease payments under our capital leases together with the
present value of the net minimum lease payments as of December 27, 2003 were:
2004 $ 718
2005 864
2006 273
2007 245
2008 206
Thereafter 411
Total minimum capital lease payments 2,717
Less: Amount representing interest at 5.0% to 11.3% (379)
Total minimum capital lease payments $2,338
56