Financial Information
18. LEASES
We have summarized below our future obligations under operating leases at year-end 2012:
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 $272 million of obligations of our consolidated subsidiaries that are non-recourse to us.
The foregoing table does not reflect $17 million in aggregate minimum lease payments, for which we are secondarily liable, relating to the CTF leases further discussed in Footnote No. 17, “Variable Interest Entities,” as follows: $11 million in 2013 and $6 million in 2014.
The following table details the composition of rent expense for operating leases for the last three years:
The following table summarizes our future obligations under capital leases at year-end 2012:
The “Long-term debt” caption in the accompanying Balance Sheets includes $50 million for year-end 2012 and $64 million for year-end 2011 that represents the present value of net minimum lease payments for capital leases.