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Note 9 - Lease Obligations

3 Months Ended

Sep. 30, 2011

Debt and Capital Leases Disclosures [Text Block]

9.           Lease Obligations

The Company leases certain revenue and service equipment under long-term lease agreements, payable in monthly installments.

Equipment obtained under a capital lease is reflected on the Company's balance sheet as owned and the related leases mature at various dates through 2018.

Assets held under operating leases are not recorded on the Company's balance sheet. The Company leases revenue and service equipment under noncancellable operating leases expiring at various dates through August 2018

Future minimum lease payments relating to capital leases and to operating leases as of September 30, 2011 (in thousands):

		Capital Leases (Restated)				Operating Leases (Restated)
2013		$	71,746			$	2,847
2014			27,998				5,199
2015			15,270				1,155
2016			15,313				1,147
2017			5,222				1,147
Thereafter			21,082				6,675
Total minimum lease payments			156,631			$	18,170
Less amounts representing interest			9,239
Present value of minimum lease payments			147,392
Less current maturities			67,958
Non-current portion		$	79,434

X

- Definition

The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

+ References

No definition available.

+ Details

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