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GuruFocus has detected 3 Warning Signs with Penn National Gaming Inc $PENN.
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Penn National Gaming Inc (NAS:PENN)
Long-Term Capital Lease Obligation
$3,471 Mil (As of Sep. 2016)

Penn National Gaming Inc's long-term capital lease obligation for the quarter that ended in Sep. 2016 was $3,471 Mil.

Penn National Gaming Inc's quarterly long-term capital lease obligation declined from Mar. 2016 ($3,499 Mil) to Jun. 2016 ($3,485 Mil) and declined from Jun. 2016 ($3,485 Mil) to Sep. 2016 ($3,471 Mil).

Penn National Gaming Inc's annual long-term capital lease obligation increased from Dec. 2013 ($0 Mil) to Dec. 2014 ($3,565 Mil) but then declined from Dec. 2014 ($3,565 Mil) to Dec. 2015 ($3,514 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 local exchange's currency.

Penn National Gaming Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
LongTermCapitalLeaseObligation 000000003,5653,514

Penn National Gaming Inc Quarterly Data

Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16
LongTermCapitalLeaseObligation 003,5650003,5143,4993,4853,471
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