Notes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 > 22 LEASES We have summarized our future obligations under operating leases at year-end 2008, below: 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 $382 million, representing obligations of consolidated subsidiaries that are non-recourse to us. Minimum lease payments aggregating $131 million relating to the CTF leases further discussed in Footnote No. 21, "Variable Interest Entities," which are not reflected in the $1,717 million in the preceding table are as follows: $29 million in each of 2009 and 2010; $25 million in 2011; $16 million in 2012; $9 million in 2013; and $23 million thereafter. 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 2008, in the following table: The accompanying Consolidated Balance Sheets for year-end 2008 and 2007 included $6 million and $7 million, respectively, in the "Long-term debt" caption that represented the present value of net minimum lease payments associated with capital leases. > Back to top of page |