Overstock.com 2014 Annual Report Download - page 97

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Table of Contents
At December 31, 2014 and 2013, letters of credit totaling $580,000 and $1.6 million, respectively, were issued on our behalf collateralized by
compensating cash balances held at U.S. Bank, which are included in Restricted cash in the accompanying consolidated balance sheets.

We have a commercial purchasing card (the “Purchasing Card”) agreement with U.S. Bank. We use the Purchasing Card for business purpose
purchasing and must pay it in full each month. At December 31, 2014, $803,000 was outstanding and $4.2 million was available under the Purchasing Card.
At December 31, 2013, $517,000 was outstanding and $4.5 million was available under the Purchasing Card.

In May 2014 and March 2013, we entered into a capital lease arrangements of computer equipment for $325,000 and $2.6 million respectively.
These arrangements will expire in 2017. In order to obtain discounted pricing, we prepaid the entire $325,000 and $2.6 million shortly after entering into the
agreement. As such, we have no future payment obligations under capital leases at December 31, 2014.


Minimum future payments under all operating leases as of December 31, 2014, are as follows (in thousands):

2015
$ 11,546
2016
9,342
2017
4,963
2018
4,585
2019
3,916
Thereafter
28,521
$ 62,873
Rental expense for operating leases totaled $11.7 million, $10 million and $8.5 million for the years ended December 31, 2014, 2013 and 2012,
respectively. There is no estimated sublease income expected over the next five years.
During 2014, we entered into amendments to extend the leases on our corporate headquarters and a data center space from their previous expiration
of June 30, 2016 to January 31, 2017 to better coincide with the expected timing of completion of our new corporate headquarters. The minimum future
payments due under these amended operating leases are included in the table above.

During 2011, we entered into a six-year agreement with the Oakland-Alameda County Coliseum Authority ("OACCA") for the right to name the
Oakland Alameda County Coliseum. Amounts shown below represent annual payments due OACCA for the naming rights. We have the right to terminate
this agreement at our sole option, subject to payment of a termination fee.
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