21. LEASES

We have summarized our future obligations under operating leases at year-end 2011, 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 $266 million, representing obligations of consolidated subsidiaries that are non-recourse to us.

The foregoing table does not reflect the following $31 million in aggregate minimum lease payments relating to the CTF leases further discussed in Footnote No. 20, “Variable Interest Entities,” $12 million in 2012; $11 million in 2013; and $8 million in 2014.

The following table details the composition of rent expense associated with operating leases for the last three years:

We have summarized our future obligations under capital leases at year-end 2011 in the following table:

The “Long-term debt” caption in the accompanying Balance Sheets includes $64 million for year-end 2011 and $6 million for year-end 2010 that represents the present value of net minimum lease payments associated with capital leases.

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