16. Leases for Foot

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FL » Topics » 16. Leases

These excerpts taken from the FL 10-K filed Mar 30, 2009.

17. Leases

The Company is obligated under operating leases for almost all of its store properties. Some of the store leases contain renewal options with varying terms and conditions. Management expects that in the normal course of business, expiring leases will generally be renewed or, upon making a decision to relocate, replaced by leases on other premises. Operating lease periods generally range from 5 to 10 years. Certain leases provide for additional rent payments based on a percentage of store sales. Rent expense includes insurance, maintenance, and other costs as required by some of the Company’s leases.

Rent expense consists of the following:

	2008			2007			2006
	(in millions)
Minimum rent	$	527		$	521		$	496
Other occupancy expenses		147			151			145
Contingent rent based on sales		14			17			21
Sublease income		(2	)		(1	)		(1	)
Total rent expense	$	686		$	688		$	661

Future minimum lease payments under non-cancelable operating leases are:

	(in millions)
2009		$	456
2010			424
2011			381
2012			325
2013			262
Thereafter			719
Total operating lease commitments		$	2,567

17. Leases

The
Company is obligated under operating leases for almost all of its store
properties. Some of the store leases contain renewal options with varying terms
and conditions. Management expects that in the normal course of business,
expiring leases will generally be renewed or, upon making a decision to
relocate, replaced by leases on other premises. Operating lease periods
generally range from 5 to 10 years. Certain leases provide for additional rent
payments based on a percentage of store sales. Rent expense includes insurance,
maintenance, and other costs as required by some of the Company’s
leases.

Rent expense consists of the
following:

	2008			2007			2006
	(in millions)
Minimum rent	$	527		$	521		$	496
Other occupancy expenses		147			151			145
Contingent rent based on sales		14			17			21
Sublease income		(2	)		(1	)		(1	)
Total rent expense	$	686		$	688		$	661

Future minimum lease payments under
non-cancelable operating leases are:

	(in millions)
2009		$	456
2010			424
2011			381
2012			325
2013			262
Thereafter			719
Total operating lease commitments		$	2,567

17. Leases

The
Company is obligated under operating leases for almost all of its store
properties. Some of the store leases contain renewal options with varying terms
and conditions. Management expects that in the normal course of business,
expiring leases will generally be renewed or, upon making a decision to
relocate, replaced by leases on other premises. Operating lease periods
generally range from 5 to 10 years. Certain leases provide for additional rent
payments based on a percentage of store sales. Rent expense includes insurance,
maintenance, and other costs as required by some of the Company’s
leases.

Rent expense consists of the
following:

	2008			2007			2006
	(in millions)
Minimum rent	$	527		$	521		$	496
Other occupancy expenses		147			151			145
Contingent rent based on sales		14			17			21
Sublease income		(2	)		(1	)		(1	)
Total rent expense	$	686		$	688		$	661

Future minimum lease payments under
non-cancelable operating leases are:

	(in millions)
2009		$	456
2010			424
2011			381
2012			325
2013			262
Thereafter			719
Total operating lease commitments		$	2,567

These excerpts taken from the FL 10-K filed Mar 31, 2008.

16. Leases

Rent expense consists of the following:

	2007			2006			2005
	(in millions)
Minimum rent	$	521		$	496		$	489
Other occupancy expenses		151			145			141
Contingent rent based on sales		17			21			13
Sublease income		(1	)		(1	)		(1	)
Total rent expense	$	688		$	661		$	642

Future minimum lease payments under non-cancelable operating leases are:

	(in millions)
2008		$	487
2009			434
2010			398
2011			354
2012			297
Thereafter			823
Total operating lease commitments		$	2,793

16. Leases

The
Company is obligated under operating leases for almost all of its store
properties. Some of the store leases contain renewal options with varying terms
and conditions. Management expects that in the normal course of business,
expiring leases will generally be renewed or, upon making a decision to
relocate, replaced by leases on other premises. Operating lease periods
generally range from 5 to 10 years. Certain leases provide for additional rent
payments based on a percentage of store sales. Rent expense includes insurance,
maintenance, and other costs as required by some of the Company’s leases.

Rent expense consists of the
following:

	2007			2006			2005
	(in millions)
Minimum rent	$	521		$	496		$	489
Other occupancy expenses		151			145			141
Contingent rent based on sales		17			21			13
Sublease income		(1	)		(1	)		(1	)
Total rent expense	$	688		$	661		$	642

Future minimum lease payments under
non-cancelable operating leases are:

	(in millions)
2008		$	487
2009			434
2010			398
2011			354
2012			297
Thereafter			823
Total operating lease commitments		$	2,793

This excerpt taken from the FL 10-K filed Apr 2, 2007.

15 Leases

The Company is obligated under operating leases for almost all of its store properties. Some of the store leases contain renewal options with varying terms and conditions. Management expects that in the normal course of business, expiring leases will generally be renewed or, upon making a decision to relocate, replaced by leases on other premises. Operating lease periods generally range from 5 to 10 years. Certain leases provide for additional rent payments based on a percentage of store sales. Rent expense includes real estate taxes, insurance, maintenance, and other costs as required by some of the Company’s leases. The present value of operating leases is discounted using various interest rates ranging from 4 percent to 13 percent.

Rent expense consists of the following:

	2006			2005			2004
	(in millions)
Minimum rent	$	496		$	489		$	470
Other occupancy expenses		145			141			135
Contingent rent based on sales		21			13			11
Sublease income		(1	)		(1	)		(1	)
Total rent expense	$	661		$	642		$	615

Future minimum lease payments under non-cancelable operating leases are:

	(in millions)
2007	$	486
2008		432
2009		371
2010		332
2011		289
Thereafter		829
Total operating lease commitments	$	2,739
Present value of operating lease commitments	$	2,069

EXCERPTS ON THIS PAGE:

10-K (3 sections)	Mar 30, 2009

10-K (2 sections)	Mar 31, 2008

10-K	Apr 2, 2007

Foot Locker (FL)

FL » Topics » 16. Leases

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