Walmart 1999 Annual Report Download - page 36

Option price Weighted average
Shares per share price per share Total
January 31, 1996 44,058,000 $ 2.47-15.41 $ 10.84 $ 477,389,000
(10,022,000 shares exercisable)
Options granted 22,932,000 11.13-12.63 11.60 265,931,000
Options canceled (4,220,000) 2.89-15.41 11.64 (49,109,000)
Options exercised (1,998,000) 2.47-12.88 5.17 (10,327,000)
January 31, 1997 60,772,000 3.25-15.41 11.26 683,884,000
(12,896,000 shares exercisable)
Options granted 10,526,000 12.44-19.97 18.93 199,309,000
Options canceled (3,604,000) 3.25-17.53 11.72 (42,251,000)
Options exercised (7,038,000) 3.25-15.41 9.62 (67,729,000)
January 31, 1998 60,656,000 3.60-19.97 12.75 773,213,000
(13,462,000 shares exercisable)
Options granted 9,256,000 12.63-43.00 33.02 305,646,000
Options canceled (4,254,000) 4.39-39.88 13.74 (58,436,000)
Options exercised (9,500,000) 3.59-19.09 10.92 (103,748,000)
January 31, 1999 56,158,000 $ 4.39-43.00 $ 16.32 $ 916,675,000
(12,357,000 shares exercisable)
Shares available for option:
January 31, 1998 80,258,000
January 31, 1999 75,256,000
Further information concerning the options is as follows:
8 Long-term Lease Obligations
The Company and certain of its subsidiaries have long-term leases for
stores and equipment. Rentals (including, for certain leases, amounts
applicable to taxes, insurance, maintenance, other operating
expenses and contingent rentals) under all operating leases
were $654 million, $596 million and $561 million in 1999, 1998
and 1997, respectively. Aggregate minimum annual rentals at
January 31, 1999, under non-cancelable leases are as follows
(in millions):
Certain of the leases provide for contingent additional rentals
based on percentage of sales. Such additional rentals amounted to
$49 million, $46 million and $51 million in 1999, 1998 and 1997,
respectively. Substantially all of the store leases have renewal
options for additional terms from five to 25 years at comparable
rentals.
The Company has entered into lease commitments for land and
buildings for 47 future locations. These lease commitments with real
estate developers provide for minimum rentals for 20 to 25 years,
excluding renewal options, which if consummated based on current
cost estimates, will approximate $49 million annually over the lease
terms.
Fiscal Operating Capital
year leases leases
1999 $ 394 $ 349
2000 371 370
2001 358 370
2002 337 366
2003 324 365
Thereafter 2,745 3,504
Total minimum rentals $ 4,529 5,324
Less estimated executory costs 69
Net minimum lease payments 5,255
Less imputed interest at rates ranging from 6.1% to 14.0% 2,450
Present value of minimum lease payments $ 2,805
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