|
notes to consolidated financial statements
The company leases sales and administrative office facilities, distribution
center facilities, automobiles, computers and other equipment under
operating leases. Rental expense under all operating leases was
$81,781,000 in 2003, $77,593,000 in 2002 and $60,365,000 in 2001.
As of December 31, 2003, future minimum payments under operating
leases with noncancelable terms in excess of one year were:
|
|
| 2004 |
$ 35,726 |
| 2005 |
29,470 |
| 2006 |
21,666 |
| 2007 |
15,805 |
| 2008 |
13,587 |
| Thereafter |
22,271 |
|
| Total |
$138,525 |
|
The company enters into operating leases in the U.S. for vehicles
whose noncancellable terms are one year or less in duration with
month-to-month renewal options. These leases have been excluded
from the table above. The automobile leases have guaranteed residual
values that have historically been satisfied primarily by the proceeds on
the sale of the vehicles. No estimated losses have been recorded for
these guarantees as the company believes, based upon the results of
previous leasing arrangements, that the potential recovery of value from
the vehicles when sold will be greater than the residual value guarantee.
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