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Kratos Defense & Security Solutions, Inc. (NAS:KTOS)
Long-Term Capital Lease Obligation
$0.1 Mil (As of Dec. 2013)

Kratos Defense & Security Solutions, Inc.'s long-term capital lease obligation for the quarter that ended in Dec. 2013 was $0.1 Mil.

Kratos Defense & Security Solutions, Inc.'s quarterly long-term capital lease obligation stayed the same from Jun. 2013 ($0.0 Mil) to Sep. 2013 ($0.0 Mil) but then increased from Sep. 2013 ($0.0 Mil) to Dec. 2013 ($0.1 Mil).

Kratos Defense & Security Solutions, Inc.'s annual long-term capital lease obligation declined from Dec. 2011 ($0.7 Mil) to Dec. 2012 ($0.4 Mil) and declined from Dec. 2012 ($0.4 Mil) to Dec. 2013 ($0.1 Mil).


Definition

Capital lease obligations are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The current portion of a capital lease obligation is the portion of a long-term capital lease that is due over the next year.


Explanation

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Kratos Defense & Security Solutions, Inc. Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
LongTermCapitalLeaseObligation 0.00.40.01.10.90.71.10.70.40.1

Kratos Defense & Security Solutions, Inc. Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
LongTermCapitalLeaseObligation 0.00.70.00.00.00.40.00.00.00.1
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