Invacare 2012 Annual Report Download - page 105
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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
Other Long-Term Obligations
Other long-term obligations as of December 31, 2012 and 2011 consist of the following (in thousands):
2012 2011
Supplemental Executive Retirement Plan liability ...................... $ 27,460 $ 27,488
Product liability ................................................. 17,011 18,280
Deferred income taxes ............................................ 30,123 28,948
Deferred compensation ........................................... 11,774 9,937
Other ......................................................... 25,827 21,497
Total long-term obligations ........................................ $ 112,195 $ 106,150
Leases and Commitments
The company leases a portion of its facilities, transportation equipment, data processing equipment and
certain other equipment. These leases have terms from 1 to 20 years and provide for renewal options. Generally,
the company is required to pay taxes and normal expenses of operating the facilities and equipment. As of
December 31, 2012, the company is committed under non-cancelable operating leases, which have initial or
remaining terms in excess of one year and expire on various dates through 2024. Lease expenses were
approximately $24,391,000 in 2012, $24,377,000 in 2011 and $20,966,000 in 2010.
The amount of buildings and equipment capitalized in connection with capital leases was $14,416,000 and
$14,643,000 at December 31, 2012 and 2011, respectively. At December 31, 2012 and 2011, accumulated
amortization was $6,982,000 and $5,914,000, respectively, which is included in depreciation expense.
Future minimum operating and capital lease commitments, as of December 31, 2012, are as follows (in
thousands):
Year Capital Leases Operating Leases
2013 ................................................. $ 1,443 $ 21,266
2014 ................................................. 1,386 14,043
2015 ................................................. 1,375 9,297
2016 ................................................. 1,372 5,004
2017 ................................................. 1,366 3,820
Thereafter ............................................ 2,216 3,309
Total future minimum lease payments ...................... 9,158 $ 56,739
Amounts representing interest ............................. (1,967)
Present value of minimum lease payments ................... $ 7,191
FS-25