Future Minimum Payments Under Operating Leases
|Everything is as was anticipated. Level 3 text block located, Level 4 detail discovered, total of detail foots. Here, the filer provided the disclosure as a narrative, but still provided the text block.
Note 21 — Leases and Rentals
The Company's operating leases are primarily for office space. Some of these leases include renewal options and other incentives that are amortized over the life of the lease. Rental expenses for operating leases amounted to $120 million in 2013, $130 million in 2012 and $115 million in 2011. As of December 31, 2013, future net minimum rental payments under non-cancelable operating leases were approximately $641 million, payable as follows (in millions): $131 in 2014, $127 in 2015, $105 in 2016, $75 in 2017, $59 in 2018 and $144 thereafter.
The Company also has capital lease arrangements. See Note 8 and Note 15 for further information on assets recorded under capital leases and the related obligations.
Level 4 Details Key Concepts: Future minimum payments
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