Sonic 2010 Annual Report Download - page 40

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Direct Financing Leases
Components of net investment in direct financing leases are as follows at August 31:
2010 2009
Minimum lease payments receivable $ 1,982 $ 2,807
Less unearned income 496 747
Net investment in direct financing leases 1,486 2,060
Less amount due within one year 375 537
Amount due after one year $ 1,111 $ 1,523
Initial direct costs incurred in the negotiations and consummations of direct financing lease transactions have not been
material. Accordingly, no portion of unearned income has been recognized to offset those costs.
Future minimum rental payments receivable as of August 31, 2010 are as follows:
Operating Direct Financing
Years ending August 31:
2011 $ 9,112 $ 495
2012 9,893 362
2013 10,282 273
2014 10,247 190
2015 10,911 137
Thereafter 89,362 525
139,807 1,982
Less unearned income – 496
$ 139,807 $ 1,486
Capital Leases
Components of obligations under capital leases are as follows at August 31:
2010 2009
Total minimum lease payments $ 49,510 $ 55,375
Less amount representing interest averaging 6.4% in 2010 and 6.5% in 2009 13,254 15,914
Present value of net minimum lease payments 36,256 39,461
Less amount due within one year 3,384 2,945
Amount due after one year $ 32,872 $ 36,516
Maturities of these obligations under capital leases and future minimum rental payments required under operating leases
that have initial or remaining noncancelable lease terms in excess of one year as of August 31, 2010 are as follows:
Operating Capital
Years ending August 31:
2011 $ 11,738 $ 5,800
2012 11,634 5,565
2013 11,386 5,505
2014 11,163 5,334
2015 11,005 5,185
Thereafter 124,717 22,121
181,643 49,510
Less amount representing interest – 13,254
$ 181,643 $ 36,256
Notes to Consolidated Financial Statements
August 31, 2010, 2009 and 2008 (In thousands, except per share data)
38