Financial Information
8. LEASES
We have summarized below our future obligations under operating leases at year-end 2014:
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 generally provide for minimum rentals plus additional rentals based on the operating performance of the leased property. The total minimum lease payments above include $233 million of obligations of our consolidated subsidiaries that are non-recourse to us.
The following table details the composition of rent expense for operating leases for the last three years:
In conjunction with the sale of our right to acquire the landlord’s interest in a leased real estate property and certain attached assets of the property early in the 2014 first quarter, we reclassified $46 million of the $51 million originally classified in the “Long-term debt” caption to liabilities held for sale in the “Accrued expenses and other” caption of the accompanying Balance Sheet at year-end 2013. See Footnote No. 3, “Acquisitions and Dispositions” for more information.