8.	Leases

The Company leases its retail stores as well as certain other property and equipment under operating leases. These leases are noncancelable and generally contain multiple renewal options for periods ranging from three to five years, and require the Company to pay all executory costs such as maintenance and insurance. Rental payments include minimum rentals plus, in some cases, contingent rentals based on a percentage of sales above specified minimums. Rental expense for operating leases included the following components:


	2011			2010			2009
	(thousands)
Minimum rentals	$	336,924		$	338,924		$	355,662
Contingent rentals		1,060			1,187			1,013
Sublease rentals		(504	)		(422	)		(671	)

Total	$	337,480		$	339,689		$	356,004

For operating leases with remaining terms of more than one year, the minimum lease payment requirements are:


	Total
	(thousands)
2012	$	343,000
2013		292,228
2014		238,360
2015		183,120
2016		131,664
Thereafter		232,588

Total	$	1,420,960

These minimum lease payments do not include contingent rental payments that may be due based on a percentage of sales in excess of stipulated amounts. These future minimum lease payment requirements have not been reduced by $28.1 million of minimum sublease rentals due in the future under noncancelable subleases. These sublease rentals include amounts related to closed stores and other facilities that are accounted for in the facility closures reserve.

As a result of purchase accounting from the 2003 acquisition of the U.S. retail business, we recorded an asset relating to store leases with terms below market value and a liability for store leases with terms above market value. The asset will be amortized through 2027, while the liability will be amortized through 2012. The net amortization of these items has reduced rent expense by approximately $7 million in 2011, 2010 and 2009. The net amortization of these items will also reduce rent expense by approximately $7 million in 2012. Beginning in 2013, the amortization of the asset will result in additional rent expense of approximately $4 million per year. At the end of 2011, the asset balance was $55.7 million and the liability balance was $11.0 million. The asset and liability were reported in non-current assets and other long-term liabilities in the Consolidated Balance Sheets.