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PetSmart Inc. (NAS:PETM)
Long-Term Capital Lease Obligation
$452 Mil (As of Jan. 2014)

PetSmart Inc.'s long-term capital lease obligation for the quarter that ended in Jan. 2014 was $452 Mil.

PetSmart Inc.'s quarterly long-term capital lease obligation declined from Jul. 2013 ($455 Mil) to Oct. 2013 ($454 Mil) and declined from Oct. 2013 ($454 Mil) to Jan. 2014 ($452 Mil).

PetSmart Inc.'s annual long-term capital lease obligation declined from Jan. 2012 ($505 Mil) to Jan. 2013 ($465 Mil) and declined from Jan. 2013 ($465 Mil) to Jan. 2014 ($452 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.

PetSmart Inc. Annual Data

Jan05Jan06Jan07Jan08Jan09Jan10Jan11Jan12Jan13Jan14
LongTermCapitalLeaseObligation 244352431509554534522505465452

PetSmart Inc. Quarterly Data

Oct11Jan12Apr12Jul12Oct12Jan13Apr13Jul13Oct13Jan14
LongTermCapitalLeaseObligation 512505496482476465462455454452
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