Note 14 Leases

The Company’s lease obligations primarily relate to real estate and office equipment. Rent expense was $602 million, $610 million and $601 million in 2013, 2012 and 2011, respectively. Sublease income received by the Company on leased assets was $22 million, $25 million and $41 million in 2013, 2012 and 2011, respectively.

At December 31, 2013, future net minimum lease payments for operating leases, having initial or remaining non-cancelable lease terms in excess of one year, consisted of the following:

Download XLS (15 kB)

($ in millions)

 

2014

510

2015

429

2016

347

2017

248

2018

203

Thereafter

248

 

1,985

Sublease income

(55)

Total

1,930

At December 31, 2013, the future net minimum lease payments for capital leases and the present value of the net minimum lease payments consisted of the following:

Download XLS (16 kB)

($ in millions)

 

2014

36

2015

35

2016

26

2017

14

2018

10

Thereafter

88

Total minimum lease payments

209

Less: amount representing estimated executory costs included in total minimum lease payments

(2)

Net minimum lease payments

207

Less: amount representing interest

(83)

Present value of minimum lease payments

124

Minimum lease payments have not been reduced by minimum sublease rentals due in the future under non-cancelable subleases. Such minimum sublease rentals were not significant. The present value of minimum lease payments is included in “Short-term debt and current maturities of long-term debt” or “Long-term debt” in the Consolidated Balance Sheets.