NVIDIA 2009 Annual Report Download - page 112

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Lease Obligations
Our headquarters complex is located in Santa Clara, California and is comprised of eleven buildings that are a combination of
owned and leased properties. The lease agreements for five of the seven leased properties expire in fiscal year 2013 and include two
seven-year renewals at our option; one leased property expires in fiscal year 2012 with an option to extend for one year; and the
remaining leased building expires in fiscal year 2015 with one option to extend for seven years. Future minimum lease payments
under these operating leases total $92.3 million over the remaining terms of the leases, including predetermined rent escalations, and
are included in the future minimum lease payment schedule below.
In addition to the commitment of our headquarters, we have other domestic and international office facilities under operating
leases expiring through fiscal year 2018. Future minimum lease payments under our non-cancelable operating leases as of January 25,
2009, are as follows:
Future Minimum
Lease Obligations
(In thousands)
Year ending January:
2010 $ 44,448
2011 42,763
2012 41,196
2013 13,244
2014 7,906
2015 and thereafter 4,068
Total $ 153,625
Rent expense for the years ended January 25, 2009, January 27, 2008 and January 28, 2007 was $43.0 million, $38.2 million
and $32.6 million, respectively.
In addition to these operating leases, we have a capital lease for a data center located near our headquarters complex in Santa
Clara, California. Future minimum lease payments under this capital lease total $48.0 million over the remaining lease term, including
predetermined rent escalations, and are included in the future minimum lease payment schedule below:
Future Capital
Lease Obligations
(In thousands)
Year ending January:
2010 $ 4,185
2011 4,311
2012 4,440
2013 4,573
2014 4,710
2015 and thereafter 25,757
Total $ 47,976
Present Value of minimum lease payments $ 26,562
Current portion $ 928
Long term portion $ 25,634
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Source: NVIDIA CORP, 10-K, March 13, 2009 Powered by Morningstar® Document Research℠