Note 14. Leases
Capital Leases:
Assets under capital leases are as follows:
Assets Under Capital Leases
(In Thousands)
| |
FY 2006 |
FY 2005 |
| Structures, Facilities, and Leasehold Improvements |
$29,463 |
$52,722 |
| Equipment |
3,368 |
3,536 |
| Less: Accumulated Depreciation |
(21,637)
 |
(42,922)
|
| Net Assets Under Capital Leases |
$11,194
 |
$13,336
|
Capital Lease Liabilities are primarily related to NIST and NOAA. In 1996, NIST entered into a capital lease for an office building in Gaithersburg, MD. NOAA has real property capital leases covering both land and buildings. The majority of these leases are for weather forecasting offices, but the leases are also for radar system sites, river forecasting centers, and National Weather Service enforcement centers. NOAA’s real property capital leases range from 10 to 40 years.
Capital Lease Liabilities:
Future payments due under capital leases are as follows:
Future Payments Due Under Capital Leases
FY 2006
(In Thousands)
|
Fiscal Year |
General PP&E Category |
Total |
| Real Property |
Personal Property |
| 2007 |
$ 4,218 |
$1,899 |
$ 6,117 |
| 2008 |
3,926 |
1,928 |
5,854 |
| 2009 |
3,958 |
1,920 |
5,878 |
| 2010 |
3,989 |
12 |
4,001 |
| 2011 |
4,024 |
12 |
4,036 |
| Thereafter |
23,516
|
-
|
23,516
|
| Total Future Lease Payments |
43,631 |
5,771 |
49,402 |
| Less: Imputed Interest |
(19,736) |
(440) |
(20,176) |
| Less: Executory Cost |
(7,800)
|
(4,858)
|
(12,658)
|
| Net Capital Lease Liabilities |
$16,095
|
$ 473
|
$16,568
|
Future Payments Due Under Capital Leases
FY 2005
(In Thousands)
| Fiscal Year |
General PP&E Category |
Total |
| Real Property |
Personal Property |
| 2006 |
$ 5,026 |
$2,297 |
$ 7,323 |
| 2007 |
4,130 |
1,859 |
5,989 |
| 2008 |
3,840 |
1,888 |
5,728 |
| 2009 |
3,870 |
1,903 |
5,773 |
| 2010 |
3,916 |
- |
3,916 |
| Thereafter |
27,145
|
-
|
27,145
|
| Total Future Lease Payments |
47,927 |
7,947 |
55,874 |
| Less: Imputed Interest |
(22,064) |
(648) |
(22,712) |
| Less: Executory Cost |
(7,957)
|
(6,642)
|
(14,599)
|
| Net Capital Lease Liabilities |
$17,906
|
$ 657
|
$18,563
|
Operating Leases:
Most of the Department’s facilities are rented from the GSA, which generally charges rent that is intended to approximate commercial rental rates. For federal-owned property rented from GSA, the Department generally does not execute an agreement with GSA; the Department, however, is normally required to give 120 to 180 days notice to vacate. For non-federal owned property rented from GSA, an occupancy agreement is generally executed, and the Department may normally cancel these agreements with 120 days notice.
The Department’s (1) estimated real property rent payments to GSA for FY 2007 through FY 2011; and (2) future payments due under noncancellable operating leases (non-GSA real property and personal property) are as follows:
Property Rent Payments
FY 2006
(In Thousands)
|
Fiscal Year |
General PP&E Category |
GSA
Real Property |
Non-GSA
Real Property |
Personal Property |
| 2007 |
$227,067 |
$ 19,257 |
$ 6,227 |
| 2008 |
235,773 |
16,671 |
6,414 |
| 2009 |
214,548 |
15,652 |
6,607 |
| 2010 |
189,066 |
14,822 |
6,805 |
| 2011 |
191,594 |
14,863 |
7,009 |
| Thereafter |
1 |
133,326
|
-
|
| Total Future Lease Payments |
|
$214,591
|
$33,062
|
|
|
|
