We utilize certain aircraft, land, facilities, retail locations and equipment under capital and operating leases that expire at various dates through 2046. We leased 11% of our total aircraft fleet under capital or operating leases as of May 31, 2011 as compared to 12% as of May 31, 2010. A portion of our supplemental aircraft are leased by us under agreements that provide for cancellation upon 30 days' notice. Our leased facilities include national, regional and metropolitan sorting facilities, retail facilities and administrative buildings.

The components of property and equipment recorded under capital leases were as follows (in millions):

		May 31,
		2011		2010

Aircraft		$	8	$	15
Package handling and ground support
	equipment		165		165
Vehicles			17		17
Other, principally facilities			145		146
			335		343
	Less accumulated amortization		307		312
		$	28	$	31

Rent expense under operating leases for the years ended May 31 was as follows (in millions):

		2011		2010		2009

Minimum rentals		$	2,025	$	2,001	$	2,047
Contingent rentals⁽¹⁾			193		152		181
		$	2,218	$	2,153	$	2,228

⁽¹⁾	Contingent rentals are based on equipment usage.

A summary of future minimum lease payments under capital leases and noncancelable operating leases with an initial or remaining term in excess of one year at May 31, 2011 is as follows (in millions):

				Operating Leases
				Aircraft				Total
		Capital		and Related		Facilities		Operating
		Leases		Equipment		and Other		Leases

2012		$	25	$	494	$	1,300	$	1,794
2013			119		499		1,155		1,654
2014			2		473		992		1,465
2015			2		455		899		1,354
2016			2		458		734		1,192
Thereafter			13		1,545		4,988		6,533
Total			163	$	3,924	$	10,068	$	13,992

Less amount representing interest			17
Present value of net minimum lease
	payments	$	146

The weighted-average remaining lease term of all operating leases outstanding at May 31, 2011 was approximately six years. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

FedEx Express makes payments under certain leveraged operating leases that are sufficient to pay principal and interest on certain pass-through certificates. The pass-through certificates are not direct obligations of, or guaranteed by, FedEx or FedEx Express.

We are the lessee in a series of operating leases covering a portion of our leased aircraft. The lessors are trusts established specifically to purchase, finance and lease aircraft to us. These leasing entities meet the criteria for variable interest entities. We are not the primary beneficiary of the leasing entities, as the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed-price purchase option or similar feature that obligates us to absorb decreases in value or entitles us to participate in increases in the value of the aircraft. As such, we are not required to consolidate the entity as the primary beneficiary. Our maximum exposure under these leases is included in the summary of future minimum lease payments shown above.