Marriott International, Inc. 2009 Annual Report
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Financial Review

Risk Factors
MD&A
Quantitative and Qualitative Disclosures About Market Risk
Financial Statments
Notes to Financial Statements
Shareholder Return Performance Graph -- Unaudited
Quarterly Financial Data
Selected Historical Financial Data
Non-GAAP Financial Measure Reconciliation
Management's Reports
Reports of Independent Registered Public Accounting Firm
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  25  > 

23  LEASES

We have summarized our future obligations under operating leases at year-end 2009, 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 $92 million relating to the CTF leases further discussed in Footnote No. 22, "Variable Interest Entities," which are not reflected in the $1,687 million in the preceding table are as follows: $27 million in 2010; $25 million in 2011; $16 million in 2012; $12 million in 2013; $8 million in 2014; and $4 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 2009, in the following table:

 

The accompanying Consolidated Balance Sheets for year-end 2009 and year-end 2008 included $6 million and $6 million, respectively, in the "Long-term debt" caption that represented the present value of net minimum lease payments associated with capital leases.

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