Leases and Rentals

12 Months Ended

Dec. 31, 2015

Note 18. Leases and Rentals

We lease certain equipment for the operations of our hotels under various lease agreements. The leases extend for varying periods through 2022 and generally are for a fixed amount each month. In addition, our corporate headquarters and several of our hotels are subject to leases of land or building facilities from third parties, which extend for varying periods through 2097 and generally contain fixed and variable components. The variable components of leases of land or building facilities are primarily based on the operating profit or revenues of the related hotels.

Our minimum future rents at December 31, 2015 payable under non-cancelable leases with third parties were as follows (in millions):

Years Ending December 31,	Operating Leases		Capital Leases
2016	$	74	$	13
2017		71		13
2018		66		13
2019		64		14
2020		62		14
Thereafter		729		206
Total minimum lease payments	$	1,066	$	273
Less amount representing interest				(104	)
Present value of minimum lease payments			$	169

Rent expense under non-cancelable operating leases consisted of the following (in millions):

	Year Ended December 31,
	2015			2014			2013
Minimum rent	$	80		$	98		$	105
Contingent rent		15			12			11
Sublease rent		(2	)		(4	)		(4	)
	$	93		$	106		$	112