Sprouts Farmers Market 2015 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2015 Sprouts Farmers Market annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

85
December 28, 2014 and December 29, 2013, the Company had recorded accounts payable due to this
vendor of $0.3 million, $0.6 million and $0.4 million, respectively.
This board member also provided a convertible loan to a technology supplier to the Company in
September 2015. During 2015, 2014 and 2013, purchases from this company were $0.5 million, $0.8
million and $0.8 million, respectively. As of January 3, 2016, December 28, 2014 and December 29,
2013, the Company had no receivable recorded from this vendor. As of January 3, 2016, December 28,
2014 and December 29, 2013, the Company had recorded accounts payable due to this vendor of $0.1
million, $0.1 million and none, respectively.
19. Commitments and Contingencies
Operating Lease Commitments
The Company’s leases include stores, office and warehouse buildings. These leases had an
average remaining lease term of approximately nine years as of January 3, 2016.
Rent expense charged to operations under operating leases in 2015, 2014 and 2013 totaled $88.1
million, $72.9 million and $64.7 million, respectively.
Future minimum lease obligations for operating leases with initial terms in excess of one year at
January 3, 2016 are as follows:
2016....................................................................... $108,429
2017....................................................................... 120,943
2018....................................................................... 122,210
2019....................................................................... 117,869
2020....................................................................... 116,065
Thereafter.............................................................. 759,690
Total payments...................................................... $1,345,206
The Company has subtenant agreements under which it will receive rent as follows:
2016....................................................................... $1,462
2017....................................................................... 1,240
2018....................................................................... 1,005
2019....................................................................... 683
2020....................................................................... 656
Thereafter.............................................................. 1,279
Total subtenant rent .............................................. $6,325
Capital and Financing Lease Commitments
The Company is committed under certain capital and financing leases for rental of buildings and
equipment. These leases expire or become subject to renewal clauses at various dates from 2016 to
2032.