Safeway 2008 Annual Report Download - page 75
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SAFEWAY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
The following schedule shows the composition of total rental expense for all operating leases (in millions):
2008 2007 2006
Property leases:
Minimum rentals $ 454.2 $ 436.5 $ 423.7
Contingent rentals (1) 12.8 12.7 10.5
Less rentals from subleases (9.9) (10.4) (6.9)
457.1 438.8 427.3
Equipment leases 28.9 26.2 25.4
$ 486.0 $ 465.0 $ 452.7
(1) In general, contingent rentals are based on individual store sales.
Note F: Interest Expense
Interest expense consisted of the following (in millions):
2008 2007 2006
Commercial paper $ 16.3 $ 15.8 $ 10.9
Bank credit agreement 1.2 1.6 5.6
Other bank borrowings 2.2 1.8 0.5
Mortgage notes payable 1.5 1.5 1.8
9.30% Senior Secured Debentures –– 2.3
6.15% Senior Notes –– 7.1
4.80% Senior Notes –12.5 23.0
7.00% Senior Notes –12.5 17.5
4.125% Senior Notes 10.2 12.4 12.4
4.45% Senior Notes 11.3 12.5 11.7
6.50% Senior Notes 14.0 16.3 16.3
Floating Rate Senior Notes 9.8 14.3 10.9
7.50% Senior Notes 37.5 37.5 37.5
4.95% Senior Notes 24.8 24.8 24.8
6.50% Senior Notes 32.5 32.5 32.5
5.80% Senior Notes 46.4 46.4 46.4
6.25% Senior Notes 1.1 ––
5.625% Senior Notes 14.1 14.1 14.1
6.35% Senior Notes 31.8 11.8 –
7.45% Senior Debentures 11.2 11.2 11.2
7.25% Senior Debentures 43.5 43.5 43.5
9.875% Senior Subordinated Debentures –0.5 2.4
Other notes payable 1.3 0.8 0.5
Obligations under capital leases 59.2 62.4 63.1
Amortization of deferred finance costs 5.1 5.3 5.8
Interest rate swap agreements 0.8 12.9 10.1
Amortization of deferred gain on swap termination (4.9) ––
Capitalized interest (12.2) (16.0) (15.8)
$ 358.7 $ 388.9 $ 396.1
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