Jack In The Box 2014 Annual Report Download - page 63
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The following table presents as of September 28, 2014, future minimum lease payments under capital and operating leases including leases recorded as lease
obligations relating to continuing and discontinued operations (in thousands):
2015
$ 1,260
$ 229,203
2016
1,198
233,145
2017
1,072
197,226
2018
793
163,644
2019
364
152,644
Thereafter
952
636,570
Total minimum lease payments
5,639
$ 1,612,432
Less amount representing interest, 10.20% weighted average interest rate
(1,256)
Present value of obligations under capital leases
4,383
Less current portion
(870)
Long-term capital lease obligations
$ 3,513
Total future minimum lease payments of $1.0 billion included in the table above are expected to be recovered under our non-cancelable 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
$ 19,105
$ 19,105
Less accumulated amortization
(15,667)
(14,808)
$ 3,438
$ 4,297
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.
The following details rents received under these agreements in each fiscal year (in thousands):
Total rental income (1)
$ 222,443
$ 213,009
$ 200,760
Contingent rentals
$ 19,551
$ 16,966
$ 16,341
________________________________________________
(1) Includes contingent rentals.
The minimum rents receivable expected to be received under these non-cancelable operating leases and subleases, excluding contingent rentals, as of
September 28, 2014 are as follows (in thousands):
2015 $ 206,015
2016 221,923
2017 202,867
2018 183,145
2019 197,287
Thereafter 1,550,311
Total minimum future rentals $ 2,561,548
F-19