Leases
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Dec. 31, 2011
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Leases |
Note 18 – Leases
Operating Leases
The Company has various lease agreements for offices, branches, factories, distribution and service facilities, certain Company-operated bowling centers and certain personal property. The longest of these obligations extends through 2038. Most leases contain renewal options and escalation clauses, and some contain purchase options or contingent rentals based on percentages of gross revenue.
No leases contain restrictions on the Company's activities concerning dividends or incurring additional debt. Rent expense consisted of the following:
Future minimum rental payments at December 31, 2011, under agreements classified as operating leases with non-cancelable terms in excess of one year, were as follows:
Capital Leases
In October 2011, the Company entered into a construction contract and lease agreement for a boat manufacturing and distribution facility in Brazil. The Company is deemed to be the owner of the project as the Company is financing a portion of the construction costs during the construction period, $1.4 million of which has been expended through December 31, 2011. As a result, the Company is treating the facility lease as a capital lease. The facility is expected to be completed in 2012, at which time the Company will begin amortizing the asset through depreciation expense. The Company had no capital leases in 2010 or 2009. The amounts recorded on the balance sheet as of December 31 are as follows:
In addition to the $2.7 million of construction payments due in 2012, the future minimum rental payments at December 31, 2011, under agreements classified as capital leases with non-cancelable terms in excess of one year, were as follows:
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