LEASED PROPERTY
Leased Property
The Company routinely leases premises for use as sales and administrative offices, warehouses and tanks for product storage, motor vehicles, railcars, computers, office machines and equipment under leases. In addition, the Company leases aircraft in the United States. At the termination of the leases, the Company has the option to purchase certain leased equipment and buildings based on a fair market value determination.
Rental expenses under leases, net of sublease rental income, were $490 million in 2013, $476 million in 2012 and $437 million in 2011. Future minimum rental payments under leases with remaining noncancelable terms in excess of one year are as follows:
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| | | |
Minimum Lease Commitments at December 31, 2013 In millions |
2014 | $ | 249 |
|
2015 | 244 |
|
2016 | 218 |
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2017 | 181 |
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2018 | 151 |
|
2019 and thereafter | 1,580 |
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Total | $ | 2,623 |
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