CKEC » Topics » Lease Obligations

This excerpt taken from the CKEC 10-K filed Mar 16, 2009.

Lease Obligations

At December 31, 2008, payments required on operating leases, capital leases and financing obligations are as follows:

 

     Operating
Leases
   Capital
Leases
    Financing
Obligations
 

2009

   $ 42,224    $ 6,612     $ 10,128  

2010

     38,970      6,355       10,374  

2011

     36,384      6,248       11,243  

2012

     34,611      5,993       11,409  

2013

     33,050      6,067       11,741  

Thereafter

     227,107      43,811       203,584  
                       

Total minimum lease payments

   $ 412,346      75,086       258,479  
           

Less amounts representing interest at ranging from 3.6% to 19.6%

        (42,148 )     (172,683 )
                   

Present value of future minimum lease payments

        32,938       85,796  

Less current maturities

        (1,589 )     (86 )
                   

Long-term obligations

      $ 31,349     $ 85,710  
                   

As of December 31, 2008, the Company’s capital leases and financing obligations financed had effective interest rates ranging from 3.6% to 19.6%.

Rent expense on operating leases was approximately $43,646, $45,094 and $45,028 for 2008, 2007 and 2006, respectively. Included in such amounts are approximately $1,085, $1,236 and $1,642 in contingent rental expense for 2008, 2007 and 2006, respectively. Interest expense includes $1,274, $1,366 and $2,140 for 2008, 2007 and 2006, respectively, related to contingent rent on capital leases and financing obligations.

These excerpts taken from the CKEC 10-K filed Mar 17, 2008.

Lease Obligations

At December 31, 2007, payments required on operating leases, capital leases and financing obligations are as follows:

 

     Operating
Leases
   Capital
Leases
    Financing
Obligations
 

2008

   $ 41,243    $ 6,960     $ 9,936  

2009

     39,451      6,866       10,128  

2010

     36,750      6,664       10,374  

2011

     34,382      6,556       11,243  

2012

     32,425      6,301       11,409  

Thereafter

     220,072      50,727       215,324  
                       

Total minimum lease payments

   $ 404,323      84,074       268,414  
           

Less amounts representing interest

        (48,521 )     (183,798 )
                   

Present value of future minimum lease payments

        35,553       84,616  

Less current maturities

        (1,537 )     (32 )
                   

Long-term obligations

      $ 34,016     $ 84,584  
                   

 

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Index to Financial Statements

As of December 31, 2007, the Company’s capital leases and financing obligations financed had effective interest rates ranging from 3.6% to 19.6%.

Rent expense on operating leases was approximately $45,094, $45,028 and $42,990 for 2007, 2006 and 2005, respectively. Included in such amounts are approximately $1,236, $1,642, and $754 in contingent rental expense for 2007, 2006 and 2005, respectively. Interest expense includes $1,366, $2,140 and $1,077 for 2007, 2006 and 2005, respectively, related to contingent rent on capital leases and financing obligations.

Lease Obligations

FACE="Times New Roman" SIZE="2">At December 31, 2007, payments required on operating leases, capital leases and financing obligations are as follows:

 











































































































































































































































   Operating
Leases
  Capital
Leases
  Financing
Obligations
 

2008

  $41,243  $6,960  $9,936 

2009

   39,451   6,866   10,128 

2010

   36,750   6,664   10,374 

2011

   34,382   6,556   11,243 

2012

   32,425   6,301   11,409 

Thereafter

   220,072   50,727   215,324 
             

Total minimum lease payments

  $404,323   84,074   268,414 
       

Less amounts representing interest

     (48,521)  (183,798)
           

Present value of future minimum lease payments

     35,553   84,616 

Less current maturities

     (1,537)  (32)
           

Long-term obligations

    $34,016  $84,584 
           

 


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Index to Financial Statements


As of December 31, 2007, the Company’s capital leases and financing obligations financed had
effective interest rates ranging from 3.6% to 19.6%.

Rent expense on operating leases was approximately $45,094, $45,028 and $42,990 for
2007, 2006 and 2005, respectively. Included in such amounts are approximately $1,236, $1,642, and $754 in contingent rental expense for 2007, 2006 and 2005, respectively. Interest expense includes $1,366, $2,140 and $1,077 for 2007, 2006 and 2005,
respectively, related to contingent rent on capital leases and financing obligations.

This excerpt taken from the CKEC 10-K filed Mar 16, 2007.

Lease Obligations

At December 31, 2006, payments required on the operating leases, capital leases and long-term financing obligations are as follows:

 

     Operating Leases    Capital Leases     Financing
Obligations
 

2007

   $ 41,201    $ 6,895     $ 9,925  

2008

     39,199      6,960       9,935  

2009

     37,787      6,866       10,128  

2010

     35,217      6,664       10,374  

2011

     33,052      6,556       11,243  

Thereafter

     215,693      57,028       226,733  
                       

Total minimum lease payments

   $ 402,149      90,969       278,338  
           

Less amounts representing interest

        (54,186 )     (194,765 )
                   

Present value of future minimum lease payments

        36,783       83,573  

Less current maturities

        (1,308 )     (1,069 )
                   

Long-term obligations

      $ 35,475     $ 82,504  
                   

As of December 31, 2006, the Company’s long-term financing obligations had an effective interest rates ranging from 3.6% to 19.6%.

Rent expense on operating leases was approximately $45,028, $42,990 and $43,300 for 2006, 2005 and 2004, respectively. Included in that number, the Company had approximately $1,642, $754 and $1,300 in contingent rental expense for 2006, 2005 and 2004, respectively. Interest expense includes $2,140, $1,077 and $2,300 for 2006, 2005 and 2004, respectively, related to contingent rent on capital leases and financing obligation arrangements.

 

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