NVIDIA 2005 Annual Report Download - page 83

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS − (Continued)
Lease Obligations
Our headquarters complex is located on a leased site in Santa Clara, California and is comprised of five buildings. The related leases
expire in 2012 and each includes two seven−year renewals at our option. Future minimum lease payments under these operating leases
total approximately $172.9 million over the remaining terms of the leases and are included in the future minimum lease payment
schedule below.
In addition to the commitment of our headquarters, we have other office facilities under operating leases expiring through fiscal 2013.
Future minimum lease payments under our noncancelable capital and operating leases as of January 30, 2005, are as follows:
Year ending January: Operating Capital
(In thousands)
2006 $ 27,534 $ 869
2007 27,425 −−
2008 27,422 −−
2009 26,615 −−
2010 26,327 −−
2011 and thereafter 55,794 −−
Total $ 191,117 $ 869
Less amount representing interest at rates ranging from 5% − 10% (13)
Present value of minimum lease payments 856
Less current portion 856
Long term portion $ 0
Rent expense for the years ended January 30, 2005, January 25, 2004 and January 26, 2003 was approximately $28.0 million, $26.4
million and $25.6 million, respectively.
The following is an analysis of the property and equipment under capital leases by major classes:
January 30, January 25,
2005 2004
(In thousands)
Property and Equipment:
Software and other $ 634 $ 634
Test equipment 9,125 9,309
Computer equipment 4,331 4,331
Office equipment and furniture 5,232 5,232
$ 19,322 $ 19,506
Accumulated amortization (17,835) (14,016)
Property and equipment, net $ 1,487 $ 5,490
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