LEASE COMMITMENTS. We have entered into various long-term noncancelable operating leases, including leases with Shell (see note 8). Future minimum lease commitments at December 31, 2002 are as follows: 2003 – $5.2 million; 2004 – $5.2 million; 2005 – $5.2 million; 2006 – $4.9 million; 2007 – $3.8 million; and thereafter – $16.2 million. We recorded $5.6 million and $4.1 million in rent expense for the year ended December 31, 2002 and the ten months ended December 31, 2001, respectively.
LEASE COMMITMENTS. The Group has entered into non-cancellable operating leases in respect of vehicles and equipment, the payments for which extend over a period of up to six years. The total annual rental for 1997 was (Pounds)7,131,000 (1996-- (Pounds)8,934,000). The lease agreements provide typically that the Group will pay all insurance, maintenance and repairs. In addition, the Group leases certain land and buildings on short- and long- term operating leases. The annual rental on these leases was (Pounds)12,547,000 (1996--(Pounds)12,756,000). The rents payable under these leases are subject to renegotiation at various intervals specified in the leases. The Group typically pays all insurance, maintenance and repairs of these properties. The annual rental commitments under the foregoing leases comprise: Vehicles and Property equipment ----------- ----------- (Pounds)000 (Pounds)000 1997 Operating leases which expire - --within one year 728 629 - --within two-five years 4,083 3,288 - --after five years 2,966 569 1996 Operating leases which expire 7,777 4,486 ===== ===== - --within one year 1,005 1,106 - --within two-five years 3,186 1,549 - --after five years 4,623 437
LEASE COMMITMENTS. Certain of the Company's hospital and medical office facilities and equipment are held under operating or capital leases which expire through 2017 (See Note 8). Certain of these leases also contain provisions allowing the Company to purchase the leased assets during the term or at the expiration of the lease at fair market value. A summary of property under capital lease follows: DECEMBER 31 1997 1996 - - - Land, buildings and equipment........................... $27,712,000 $27,243,000 Less: accumulated amortization.......................... 20,592,000 17,371,000 $7,120,000 $9,872,000 =========== =========== Future minimum rental payments under lease commitments with a term of more than one year as of December 31, 1997, are as follows: YEAR CAPITAL LEASES - - - 1998.................................................... $4,399,000 1999.................................................... 2,807,000 2000.................................................... 1,309,000 2001.................................................... 133,000 2002.................................................... -- Later Years............................................. -- Total minimum rental.................................. $8,648,000 Less: Amount representing interest...................... 628,000 Present value of minimum rental commitments............. 8,020,000 Less: Current portion of capital lease obligations...... 3,998,000 Long-term portion of capital lease obligations.......... $4,022,000 ========== OPERATING LEASES $21,458,000 20,090,000 16,512,000 14,754,000 4,674,000 18,781,000 $96,269,000 =========== Capital lease obligations of $3,059,000, $1,902,000 and $4,961,000 in 1997, 1996 and 1995, respectively, were incurred when the Company entered into capital leases for new equipment.
LEASE COMMITMENTS. During December 1999, the Company entered into a $100.0 million operating lease facility established to finance the acquisition of operating equipment (primarily revenue-producing vehicles). At December 31, 1999, $36.1 million was outstanding under the lease facility. In addition, the Company and its subsidiaries lease real property, equipment and software under various other operating leases with terms from one to twenty-five years. 56 Future minimum lease obligations under noncancelable real property, equipment and software leases with initial terms in excess of one year at December 31, 1999 are as follows: 2000........................................................ $ 9.0 2001........................................................ 8.1 2002........................................................ 32.7 2003........................................................ 1.0 2004........................................................ 1.0 Thereafter.................................................. 6.0 ----- $57.8 ===== LIABILITY INSURANCE The Company carries general liability, vehicle liability, employment practices liability, pollution liability, directors and officers liability, workers compensation and employer's liability coverage, as well as umbrella liability policies to provide excess coverage over the underlying limits contained in these primary policies. The Company also carries property insurance. The Company's insurance programs for worker's compensation, general liability, vehicle liability and employee related health care benefits are effectively self-insured. Claims in excess of self-insurance levels are fully insured. Accruals are based on claims filed and estimates of claims incurred but not reported. The Company's liabilities for unpaid and incurred but not reported claims at December 31, 1999 was $38.4 million under its current risk management program and are included in other current and other liabilities in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred are dependent on future developments, in management's opinion, recorded reserves are adequate to cover the future payment of claims. However, it is reasonably possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in operations in the periods in which such adjustments are known.
LEASE COMMITMENTS. The Company leases certain of its office facilities and various automobiles. Rental expense for 1997, 1996 and 1995 was $3,427,000, $3,325,000, and $1,521,000, respectively. Certain facility leases have renewal options from one to five years. Future minimum lease payments under noncancelable operating leases are as follows: 1998......................... $ 3,160,000 1999......................... 3,060,000 2000......................... 2,852,000 2001......................... 2,045,000 2002......................... 1,819,000 Thereafter 10,944,000
LEASE COMMITMENTS. RAI has operating lease agreements that are primarily for office space, automobiles, warehouse space and computer equipment. The majority of these leases expire within the next five years and some contain renewal or purchase options and escalation clauses or restrictions relating to subleases. Total rent expense was $18 million, $20 million and $20 million for 2011, 2010 and 2009, respectively. Future minimum lease payments as of December 31, 2011 were as follows: 2012 $ 20 2013 18 2014 15 2015 9 2016 4 Total $ 66 Name of Subsidiary State of Incorporation/Formation Borrower Direct/Indirect Ownership Interest 1. American Snuff Company, LLC Delaware 100% 2. R. J. Reynolds Tobacco Company North Carolina 100% Name of Subsidiary State of Incorporation/Formation Borrower Direct/Indirect Ownership Interest
LEASE COMMITMENTS. The Company, through its FCO subsidiary, conducts substantially all of its operations using leased premises. Store and office leases provide that real estate taxes, insurance, maintenance, and operating expenses are obligations of FCO and/or the Company. Certain of the Company's leases provide for scheduled increases in base rentals over their terms. The Company recognizes the total rental amounts due over the lease term on a straight-line basis and, accordingly, has established a corresponding deferred rent obligation. Certain of the store leases provide for percentage rentals or additional percentage rentals based on sales in excess of specified minimums. (Continued)
LEASE COMMITMENTS. On April 1, 1997, the Bank entered into a noncancellable sub-lease agreement for a branch office for an initial lease term of eight years. The sub-lessor has a fixed term lease with the owner with an initial term expiring November 30, 2003. The Bank also has a noncancellable lease agreement for a branch office dated December 1, 1995 that expires in the year 2005. The following is a schedule by years of future minimum rental payments required under these operating leases: Year ending December 31: 2001 $ 31,890 2002 31,890 2003 30,833 2004 19,200 2005 17,600 ------------ Total minimum payments required $ 131,413 ============ Total minimum rental expense for all operating leases for each of the periods ended December 31, 2000 and 1999 amounted to $31,890.
LEASE COMMITMENTS. During December 1999, the Company entered into a $100.0 million operating lease facility established to finance the acquisition of operating equipment. At March 31, 2000, $43.9 million was outstanding under the lease facility. In addition, the Company and its subsidiaries lease real property, equipment and software under various other operating leases with terms from one to twenty-five years. LIABILITY INSURANCE The Company carries general liability, vehicle liability, employment practices liability, pollution liability, directors and officers liability, workers compensation and employer's liability coverage, as well as umbrella liability policies to provide excess coverage over the underlying limits contained in these primary policies. The Company also carries property insurance. The Company's insurance programs for worker's compensation, general liability, vehicle liability and employee related health care benefits are effectively self-insured. Claims in excess of self-insurance levels are fully insured. Accruals are based on claims filed and estimates of claims incurred but not reported. The Company's liabilities for unpaid and incurred but not reported claims at March 31, 2000 was $39.3 million and are included in other current and other liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in management's opinion, recorded reserves are adequate to cover the future payment of claims. However, it is reasonably possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in operations in the periods in which such adjustments are known.
LEASE COMMITMENTS. The Company has entered into lease commitments for office premises. The lease commitments and expiry dates due as follows: Estimated Lease Lease Annual # Expiry Payments ----- ------ --------- 1 - Calgary July, 2000 $17,050 2 - Vancouver January, 2000 52,413 3 - Vancouver January, 2002 67,680 4 - Toronto March, 1999 13,012 STOCK RESEARCH GROUP INC. NOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 1998 (IN CANADIAN DOLLARS)
