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Leases

12 Months Ended

Dec. 31, 2013

NOTE 6 - Leases

The Company leases rail cars, certain machinery and equipment, and office space under various operating leases. Rental expense under operating leases was $47 million, $45 million and $44 million in 2013, 2012 and 2011, respectively. Minimum lease payments due on non-cancellable leases existing at December 31, 2013 are shown below:

(in millions)
Year	Minimum Lease Payments
2014	$	44
2015	37
2016	33
2017	25
2018	19
Balance thereafter	38

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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