Most leases have initial terms of up to 20 years and contain one or more renewal options, generally for five- or 10-year periods. These leases provide for minimum rentals and additional rentals based on our operations of the leased property. The total minimum lease payments above include $439 million, representing obligations of consolidated subsidiaries that are non-recourse to Marriott International, Inc.

As discussed in Footnote No. 8, "Acquisitions and Dispositions," we became secondarily liable for annual rent payments for certain hotels when we acquired the Renaissance Hotel Group N.V. in 1997. At year-end 2007, we continued to manage 14 of these hotels under long-term management agreements; however, due to certain provisions in the management agreements, we account for these contracts as operating leases. CTF placed funds into trust accounts to cover possible shortfalls in cash flow necessary to meet rent payments under these leases. In turn, we released CTF affiliates from their guarantees in connection with these leases. Approximately $38 million remained in these trust accounts at year-end 2007. Minimum lease payments relating to these leases, which are not reflected in the $1,833 million in the preceding table are as follows: $30 million in each of 2008, 2009, and 2010; $26 million in 2011; $17 million in 2012; and $33 million thereafter, for a total of $166 million.

The composition of rent expense for the last three fiscal years associated with operating leases is detailed in the following table:

We have summarized our future obligations under capital leases at year-end 2007, in the following table:

The accompanying Consolidated Balance Sheets for year-end 2007, included $7 million in the "Long-term debt" caption that represented the present value of net minimum lease payments associated with capital leases.

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