Leases
We lease a wide variety of facilities and equipment under operating leases, including land and building space, office equipment, storage facilities and transportation equipment. Most long-term leases include renewal options and, in certain leases, purchase options. Future minimum commitments as of December 31, 2013, for capital lease obligations and for operating lease obligations having initial or remaining non-cancelable lease terms in excess of one year are as follows:
|
| | | | | | | |
(In millions) | Capital Lease Obligations | | Operating Lease Obligations |
2014 | $ | 51 |
| | $ | 191 |
|
2015 | 52 |
| | 184 |
|
2016 | 51 |
| | 152 |
|
2017 | 50 |
| | 106 |
|
2018 | 49 |
| | 95 |
|
Later years | 345 |
| | 241 |
|
Total minimum lease payments | 598 |
| | $ | 969 |
|
Less imputed interest costs | (203 | ) | | |
Present value of net minimum lease payments | $ | 395 |
| | |
Operating lease rental expense was:
|
| | | | | | | | | | | |
(In millions) | 2013 | | 2012 | | 2011 |
Minimum rental | $ | 213 |
| | $ | 139 |
| | $ | 123 |
|
Contingent rental | — |
| | — |
| | 1 |
|
Rental expense | $ | 213 |
| | $ | 139 |
| | $ | 124 |
|
