Yahoo 2014 Annual Report Download - page 133
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Note 12 Commitments And Contingencies
Lease Commitments. The Company leases office space and data centers under operating and
capital lease agreements with original lease periods of up to 12 years which expire between 2015 and
2025.
In May 2013, the Company entered into a 12-year operating lease agreement for four floors of the
former New York Times building in New York City with a total expected minimum lease commitment
of $125 million. The Company has the option to renew the lease for an additional five years.
In December 2014, the Company entered into a 10-year operating lease agreement for three buildings
in Los Angeles, California with a total expected minimum lease commitment of $61 million. The
Company has the option to renew the lease for two consecutive renewal terms of either five years or
seven years each.
Rent expense for all operating leases was approximately $76 million, $77 million, and $86 million for
2012, 2013, and 2014, respectively.
Many of the Company’s leases contain one or more of the following options which the Company can
exercise at the end of the initial lease term: (i) renewal of the lease for a defined number of years at
the then fair market rental rate or at a slight discount to the fair market rental rate; (ii) purchase of
the property at the then fair market value; or (iii) right of first offer to lease additional space that
becomes available.
A summary of gross and net lease commitments as of December 31, 2014 was as follows (in millions):
Gross Operating
Lease Commitments
Sublease
Income
Net Operating
Lease Commitments
Years ending December 31,
2015
$141 $(18) $123
2016
102 (11) 91
2017
74 (8) 66
2018
53 (6) 47
2019
43 (3) 40
Due after 5 years
142 (3) 139
Total gross and net lease commitments
$555 $(49) $506
129