Vistaprint 2014 Annual Report Download - page 88

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84
The following tables set forth long-lived assets by geographic area:
June 30,
2014
June 30,
2013
Long-lived assets (3):
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 106,918 $ 99,521
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,369 90,807
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,037 35,943
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,367 36,774
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,201 4,522
Jamaica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,431 26,730
Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,356 —
Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,570 14,667
India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,958 4,429
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,674 4,884
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 394,881 $ 318,277
___________________
(3) Excludes goodwill of $317,187 and $140,893, intangible assets, net of $110,214 and $30,337, deferred tax assets of $8,762 and $581 and
the investment in equity interests of $0 and $11,248 as of June 30, 2014 and 2013, respectively.
18. Commitments and Contingencies
Lease Commitments
We are committed under operating leases for our facilities that expire on various dates through 2024. Total
lease expense for the years ended June 30, 2014, 2013 and 2012 was $14,151, $11,720 and $10,083, respectively.
We lease certain machinery and plant equipment under both capital and operating lease agreements that
expire at various dates through 2017. The aggregate carrying value of the leased equipment under capital leases
included in property, plant and equipment, net in our consolidated balance sheet at June 30, 2014, is $12,554, net
of accumulated depreciation of $959; the present value of lease installments not yet due included in other current
liabilities and other liabilities in our consolidated balance sheet at June 30, 2014 amounts to $8,875.
Future minimum payments required for our lease obligations for the next five fiscal years and thereafter are
as follows at June 30, 2014:
Operating lease
obligations
Build-to-suit lease
obligations (1)
Capital lease
obligations
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,067 $ — $ 4,572
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 8,989 2,985
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,601 10,788 1,163
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,816 10,788 477
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,071 10,788 —
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,714 78,240 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,469 $ 119,593 $ 9,197
___________________
(1) Minimum payments relate to our Waltham lease obligation, please refer to Note 6 for additional details.
The terms of certain lease agreements require security deposits in the form of bank guarantees and a letter
of credit in the amount of $1,427 and $145, respectively. In addition, we provided a customary indemnification to the
lessor for certain claims that may arise under the lease for which we have not recorded a liability as we have
determined that the associated fair value is not material. We carry insurance policies that we believe would provide,
in most cases, some, if not total, recourse to any claims arising from this lease indemnification provision.