Safeway 2007 Annual Report Download - page 73

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SAFEWAY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
The following schedule shows the composition of total rental expense for all operating leases (in millions):
2007 2006 2005
Property leases:
Minimum rentals $ 436.5 $ 423.7 $ 422.4
Contingent rentals (1) 12.7 10.5 10.8
Less rentals from subleases (10.4) (6.9) (6.0)
438.8 427.3 427.2
Equipment leases 26.2 25.4 25.7
$ 465.0 $ 452.7 $ 452.9
(1) In general, contingent rentals are based on individual store sales.
Note F: Interest Expense
Interest expense consisted of the following (in millions):
2007 2006 2005
Commercial paper $ 15.8 $ 10.9 $ 1.5
Bank credit agreement 1.6 5.6 3.3
Other bank borrowings 1.8 0.5 0.2
Mortgage notes payable 1.5 1.8 2.1
9.30% Senior Secured Debentures –2.3 2.3
2.50% Senior Notes –– 4.1
Floating Rate Senior Notes 14.3 10.9 4.5
3.80% Senior Notes –– 5.3
6.15% Senior Notes –7.1 43.1
4.80% Senior Notes 12.5 23.0 23.0
7.00% Senior Notes 12.5 17.5 17.5
4.125% Senior Notes 12.4 12.4 12.4
4.45% Senior Notes 12.5 11.7 1.5
6.50% Senior Notes 16.3 16.3 16.3
7.50% Senior Notes 37.5 37.5 37.5
4.95% Senior Notes 24.8 24.8 24.8
6.50% Senior Notes 32.5 32.5 32.5
5.80% Senior Notes 46.4 46.4 46.4
5.625% Senior Notes 14.1 14.1 14.1
6.35% Senior Notes 11.8 ––
7.45% Senior Debentures 11.2 11.2 11.2
7.25% Senior Debentures 43.5 43.5 43.5
9.875% Senior Subordinated Debentures 0.5 2.4 2.4
Other notes payable 0.8 0.5 1.1
Obligations under capital leases 62.4 63.1 64.8
Amortization of deferred finance costs 5.3 5.8 7.5
Interest rate swap agreements 12.9 10.1 (4.3)
Capitalized interest (16.0) (15.8) (16.0)
$ 388.9 $ 396.1 $ 402.6
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