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FDO > SEC Filings for FDO > Form 8-K on 9-Nov-2012All Recent SEC Filings

Show all filings for FAMILY DOLLAR STORES INC



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Item 8.01. Other Events.

Each year in its annual report on Form 10-K, Family Dollar Stores, Inc. (the "Company") reports its aggregate minimum lease payment obligations as of the end of the fiscal year. This information appears in a note to the financial statements, and in the table of contractual obligations included in Part II, Item 7 (MD&A). In response to an inquiry, the Company is providing an analysis of the change in this figure from the end of Fiscal 2011 to the end of Fiscal 2012. The amount of aggregate minimum lease payments (in millions) increased from $1,427 million at August 27, 2011 (as reported in the Fiscal 2011 10-K) to $2,745 million at August 25, 2012 (as reported in the Fiscal 2012 10-K). The primary factors in our business that contributed to this increase were (a) renegotiations of existing leases, (b) new sale-leaseback transactions entered into in Fiscal 2012 and (c) leases associated with new store openings. In addition, the Company has determined that the amount at August 27, 2011 in the Fiscal 2011 Form 10-K should have been $1,870 million rather than $1,427 million. The discrepancy relates entirely to the amount reported as due more than five years after the balance sheet date. Although the Company does not consider the discrepancy to be material, it is being disclosed because it is useful in order to understand the change from the prior period. It does not affect the amounts reported in the Fiscal 2012 Form 10-K. The following table reflects the as reported and corrected amounts of aggregate minimum annual rentals under operating leases as of August 27, 2011.

Aggregate minimum annual rentals under operating leases as of August 27, 2011

                            Minimum Rentals
(in thousands)             Reported   Corrected
Fiscal 2012             $   364,228 $   364,228
Fiscal 2013                 323,424     323,424
Fiscal 2014                 273,778     273,778
Fiscal 2015                 220,029     220,029
Fiscal 2016                 164,854     164,854
Thereafter                   80,446     523,591
Total minimum rentals   $ 1,426,759 $ 1,869,904

In addition, aggregate minimum annual rentals under operating leases disclosed in MD&A are impacted by the corrected amount indicated above. The corrected total for the contractual obligations table in the MD&A is $2,768 million in the Fiscal 2011 Form 10-K.

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