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Leases

12 Months Ended

Dec. 31, 2013

17. Leases

We lease office space and equipment under non-cancelable operating leases with third parties. Some of our leases contain renewal options and escalation clauses based on increases in property taxes and building operating costs.

As of December 31, 2013, future minimum lease payments under non-cancelable operating leases (net of sublease income) are as follows:


		Gross Lease		Sublease		Net Lease
		Commitments		Income		Commitments
	(in millions)
Year ending December 31:
2014	$	83	$	5	$	78
2015		81		3		78
2016		74		3		71
2017		46		2		44
2018		42		2		40
Thereafter		152		13		139
Total future minimum lease payments	$	478	$	28	$	450

Rent expense for operating leases (net of sublease income of $3 million in 2013 and $4 million in 2012 and 2011) was $84 million in 2013, $83 million in 2012 and $87 million in 2011.

- 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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