BEST BUY CO INC | 2013 | FY | 3

Leases

The composition of net rent expense for all operating leases, including leases of property and equipment, was as follows in fiscal 2013 (11-month), 2012 and 2011 ($ in millions):
 
11-Month
 
12-Month
 
2013
 
2012
 
2011
Minimum rentals
$
1,080

 
$
1,192

 
$
1,141

Contingent rentals
1

 
2

 
2

Total rent expense
1,081

 
1,194

 
1,143

Less: sublease income
(16
)
 
(19
)
 
(19
)
Net rent expense
$
1,065

 
$
1,175

 
$
1,124



The future minimum lease payments under our capital, financing and operating leases by fiscal year (not including contingent rentals) at February 2, 2013, were as follows ($ in millions):
Fiscal Year
 
Capital
Leases
 
Financing
Leases
 
Operating
Leases(1)
2014
 
$
27

 
$
30

 
$
1,238

2015
 
25

 
28

 
1,156

2016
 
17

 
25

 
1,034

2017
 
5

 
19

 
888

2018
 
3

 
15

 
703

Thereafter
 
20

 
28

 
1,994

Subtotal
 
97

 
145

 
$
7,013

Less: imputed interest
 
(17
)
 
(23
)
 
 

Present value
 
$
80

 
$
122

 
 


(1)
Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by $1.6 billion at February 2, 2013.

Total minimum lease payments have not been reduced by minimum sublease rent income of approximately $125 million due under future noncancelable subleases.

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