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This excerpt taken from the XIDE 10-K filed Jun 29, 2005. Leases
Future minimum lease payments under operating and capital leases that have initial or remaining noncancelable lease terms in excess of one year at March 31, 2005, are:
In fiscal 1998 and 1999, the Company entered into sale/leaseback transactions, where the Company sold certain machinery and equipment with an aggregate book value of $48,000 for $97,100 and leased the same machinery and equipment back over periods ranging from eight to nine years. The total gain of $49,100 was originally deferred and was being recognized ratably over the life of the leases. In connection with Fresh Start accounting, such leases and the related deferred gain were adjusted to fair value where necessary.
Rent expense amounted to $51,074, $5,488, $62,143, and $63,155, for the period May 6, 2004 to March 31, 2005 (Successor Company), period April 1, 2004 to May 5, 2004 (Predecessor Company) and fiscal years 2004 and 2003 (Predecessor Company), respectively.
F-46
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The Company has various purchase commitments for materials, supplies and other items incident to the ordinary course of business. See Note 23 for discussion of the battery separator agreement entered into as part of the Company’s sale of these operations.
This excerpt taken from the XIDE 10-K filed Mar 1, 2005. Leases
Future minimum lease payments under operating and capital leases that have initial or remaining noncancelable lease terms in excess of one year at March 31, 2004, are:
In fiscal 1998 and 1999, the Company entered into sale/leaseback transactions, where the Company sold certain machinery and equipment with an aggregate book value of $48,000 for $97,100 and leased the same machinery and equipment back over periods ranging from eight to nine years. The total gain of $49,100 has been deferred and is being recognized ratably over the life of the leases.
Rent expense amounted to $62,143, $63,155, and $61,179 for fiscal years 2004, 2003 and 2002, respectively.
The Company has various purchase commitments for materials, supplies and other items incident to the ordinary course of business. See Note 23 for discussion of the battery separator agreement entered into as part of the Company’s sale of these operations.
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