| 19. | Leased Assets |
The Corporation and certain of its subsidiaries lease gasoline stations, drilling rigs, tankers, office space and other assets for varying periods under contractual obligations accounted for as operating leases. Certain operating leases provide an option to purchase the related property at fixed prices. At December 31, 2013, future minimum rental payments applicable to non-cancelable operating leases with remaining terms of one year or more (other than oil and gas property leases) are as follows (in millions):
|
2014 |
$ | 805 | ||
|
2015 |
530 | |||
|
2016 |
126 | |||
|
2017 |
122 | |||
|
2018 |
106 | |||
|
Remaining years |
843 | |||
|
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|
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|
Total minimum lease payments |
2,532 | |||
|
Less: Income from subleases |
54 | |||
|
|
|
|||
|
Net minimum lease payments |
$ | 2,478 | ||
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|
|
Operating lease expenses for drilling rigs used to drill development wells and successful exploration wells are capitalized.
Rental expense was as follows:
| 2013 | 2012 | 2011 | ||||||||||
| (In millions) | ||||||||||||
|
Total rental expense |
$ | 355 | $ | 375 | $ | 348 | ||||||
|
Less: Income from subleases |
15 | 15 | 12 | |||||||||
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|
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|
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|
Net rental expense |
$ | 340 | $ | 360 | $ | 336 | ||||||