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Lease and Concession Agreements
12 Months Ended
Dec. 31, 2010
Lease and Concession Agreements  
Lease and Concession Agreements

Note 9—Lease and Concession Agreements

We have various concession agreements, which provide for payment of rents and a percentage of revenue with a guaranteed minimum, and real estate leases under which the following amounts were expensed (in millions of dollars):

 
  Years ended December 31,  
 
  2010   2009   2008  

Rents

  $ 133.9   $ 133.2   $ 144.2  

Concession fees:

                   
 

Minimum fixed obligations

    252.0     260.1     251.0  
 

Additional amounts, based on revenues

    278.7     231.5     268.8  
               
   

Total

  $ 664.6   $ 624.8   $ 664.0  
               

For the years ended December 31, 2010, 2009 and 2008, sublease income reduced rent expense included in the above table by $4.5 million, $5.0 million and $5.4 million, respectively.

As of December 31, 2010, minimum obligations under existing agreements referred to above are approximately as follows (in millions of dollars):

 
  Rents   Concessions  

2011

  $ 119.4   $ 312.0  

2012

    97.9     267.1  

2013

    78.7     218.1  

2014

    61.5     148.9  

2015

    45.6     103.3  

Years after 2015

    161.0     364.5  

The future minimum rent payments in the above table have been reduced by minimum future sublease rental inflows in aggregate of $17.8 million.

Many of our concession agreements and real estate leases require us to pay or reimburse operating expenses, such as common area charges and real estate taxes, to pay concession fees above guaranteed minimums or additional rent based on a percentage of revenues or sales (as defined in those agreements) arising at the relevant premises, or both. Such obligations are not reflected in the table of minimum future obligations appearing immediately above. We operate from various leased premises under operating leases with terms up to 25 years. A number of our operating leases contain renewal options. These renewal options vary, but the majority include clauses for renewal for various term lengths at various rates, both fixed and market.

In addition to the above, we have various leases on revenue earning equipment and office and computer equipment under which the following amounts were expensed (in millions of dollars):

 
  Years ended December 31,  
 
  2010   2009   2008  

Revenue earning equipment

  $ 78.2   $ 81.7   $ 108.5  

Office and computer equipment

    10.4     8.9     10.2  
               
 

Total

  $ 88.6   $ 90.6   $ 118.7  
               

As of December 31, 2010, minimum obligations under existing agreements referred to above that have a maturity of more than one year are as follows (in millions of dollars):

2011

  $ 15.9  

2012

  $ 2.9  

2013

  $ 0.8  

2014

  $  

2015

  $  

After 2015

  $  

Commitments under capital leases within our vehicle rental programs have been reflected in Note 4—Debt.