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These excerpts taken from the GIS 10-K filed Jul 11, 2008. NOTE 15.
LEASES AND OTHER COMMITMENTS
An analysis of rent expense by type of property for operating
leases follows:
Some operating leases require payment of property taxes,
insurance, and maintenance costs in addition to the rent
payments. Contingent and escalation rent in excess of minimum
rent payments and sublease income netted in rent expense were
insignificant.
Noncancelable future lease commitments are:
These future lease commitments will be partially offset by
estimated future sublease receipts of $26.1 million.
Depreciation on capital leases is recorded as depreciation
expense in our results of operations.
We are contingently liable under guarantees and comfort letters
for $670.1 million for the debt and other obligations of
consolidated subsidiaries. We also are contingently liable under
guarantees and comfort letters of $340.3 million for the
debt and other obligations of non-consolidated affiliates,
primarily CPW.
We are involved in various claims, including environmental
matters, arising in the ordinary course of business. In the
opinion of management, the ultimate disposition of these
matters, either individually or in aggregate, will not have a
material adverse effect on our financial position or results of
operations.
Table of Contents
NOTE 15. LEASES AND OTHER COMMITMENTS An analysis of rent expense by type of property for operating leases follows:
Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments. Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant. Noncancelable future lease commitments are:
These future lease commitments will be partially offset by estimated future sublease receipts of $26.1 million. Depreciation on capital leases is recorded as depreciation expense in our results of operations. We are contingently liable under guarantees and comfort letters for $670.1 million for the debt and other obligations of consolidated subsidiaries. We also are contingently liable under guarantees and comfort letters of $340.3 million for the debt and other obligations of non-consolidated affiliates, primarily CPW. We are involved in various claims, including environmental matters, arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters, either individually or in aggregate, will not have a material adverse effect on our financial position or results of operations.
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