Jack In The Box 2011 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2011 Jack In The Box 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 89

  • 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
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89

Table of Contents


The following table presents as of October 2, 2011, future minimum lease payments under capital and operating leases as follows (in thousands):





2012 $ 1,812 $ 208,562
2013 1,572 212,486
2014 1,416 202,923
2015 1,299 187,981
2016 1,238 183,800
Thereafter 3,390 827,690
Total minimum lease payments 10,727 $ 1,823,442
Less amount representing interest, 9.96% weighted average interest rate (3,389)
Present value of obligations under capital leases 7,338
Less current portion (1,114)
Long-term capital lease obligations $ 6,224
Total future minimum lease payments of $1.1 billion included in the table above are expected to be recovered under our non-cancellable operating
subleases.
Assets recorded under capital leases are included in property and equipment and consisted of the following at each year-end (in thousands):
 
Buildings $ 19,514 $ 22,733
Equipment - 16
19,514 22,749
Less accumulated amortization (13,517) (15,340)
$ 5,997 $ 7,409
Amortization of assets under capital leases is included in depreciation and amortization expense.
As lessor — We lease or sublease restaurants to certain franchisees and others under agreements that generally provide for the payment of percentage
rentals in excess of stipulated minimum rentals, usually for a period of 20 years. Most of our leases have rent escalation clauses and renewal clauses of
5 to 20 years. Total rental income was $166.9 million, $133.8 million and $105.5 million, including contingent rentals of $10.4 million, $7.7 million
and $13.0 million, in 2011, 2010 and 2009, respectively.
The minimum rents receivable expected to be received under these non-cancelable operating leases, excluding contingent rentals, as of October 2, 2011
are as follows (in thousands):

2012 $ 160,795
2013 172,879
2014 171,848
2015 170,502
2016 184,239
Thereafter 1,711,989
Total minimum future rentals $ 2,572,252
F-19