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AAPL » Topics » Note 8-Commitments and Contingencies

This excerpt taken from the AAPL 10-K filed Nov 5, 2008.

Note 8—Commitments and Contingencies

FACE="Times New Roman" SIZE="2">Lease Commitments

The Company leases various equipment and facilities, including retail space, under noncancelable
operating lease arrangements. The Company does not currently utilize any other off-balance sheet financing arrangements. The major facility leases are generally for terms of 3 to 20 years and generally provide renewal options for terms of 1 to 5
additional years. Leases for retail space are for terms of 5 to 20 years, the majority of which are for 10 years, and often contain multi-year renewal options. As of September 27, 2008, the Company’s total future minimum lease payments
under noncancelable operating leases were $1.8 billion, of which $1.4 billion related to leases for retail space.

 


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Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)



Note 8—Commitments and Contingencies (Continued)

STYLE="margin-top:0px;margin-bottom:0px"> 


Rent expense under all operating leases, including both cancelable and noncancelable leases, was $207 million, $151
million, and $138 million in 2008, 2007, and 2006, respectively. Future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of September 27, 2008, are as follows (in millions):


 


























































Fiscal Years

   

2009

  $195

2010

   209

2011

   200

2012

   191

2013

   177

Thereafter

   788
    

Total minimum lease payments

  $  1,760
    

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