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14. Leases
12 Months Ended
Sep. 30, 2011
Leases Disclosure Abstract 
14. Leases

14. Leases

 

Leasing Operations

 

A subsidiary of AEH has constructed electric peaking power-generating plants and associated facilities and entered into agreements to either lease or sell these plants. We completed a sales-type lease transaction for one distributed electric generation plant in 2001 and a second sales-type lease transaction in 2003. In connection with these lease transactions, as of September 30, 2011 and 2010, we had receivables of $2.0 million and $7.8 million and recognized income of $0.5 million, $0.9 million and $1.2 million for fiscal years 2011, 2010 and 2009. The future minimum lease payments to be received for each of the five succeeding fiscal years are as follows:

 Minimum
 Lease
 Receipts
 (In thousands)
   
2012$ 2,013
Thereafter  -
Total minimum lease receipts$ 2,013

Capital and Operating Leases

 

We have entered into non-cancelable operating leases for office and warehouse space used in our operations. The remaining lease terms range from one to 21 years and generally provide for the payment of taxes, insurance and maintenance by the lessee. Renewal options exist for certain of these leases. We have also entered into capital leases for division offices and operating facilities. Property, plant and equipment included amounts for capital leases of $1.3 and $1.3 million at September 30, 2011 and 2010. Accumulated depreciation for these capital leases totaled $0.9 and $0.8 million at September 30, 2011 and 2010. Depreciation expense for these assets is included in consolidated depreciation expense on the consolidated statement of income.

 

The related future minimum lease payments at September 30, 2011 were as follows:

 Capital Operating
 Leases Leases
 (In thousands)
      
2012$ 186 $ 17,718
2013  186   16,846
2014  186   16,519
2015  186   15,455
2016  186   14,921
Thereafter  264   118,108
Total minimum lease payments  1,194 $ 199,567
Less amount representing interest  406   
Present value of net minimum lease payments$ 788   

Consolidated lease and rental expense amounted to $19.1 million, $16.0 million and $13.6 million for fiscal 2011, 2010 and 2009.