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Leases

12 Months Ended

Dec. 31, 2014

Note 10. Leases

Leases cover office facilities, machinery and computer equipment. The Company’s hotels in some instances are constructed on leased land. Rent expense amounted to $94 million, $83 million and $86 million for the years ended December 31, 2014, 2013 and 2012. The table below presents the future minimum lease payments to be made under non-cancelable operating leases along with lease and sublease minimum receipts to be received on owned and leased properties.


	Future Minimum Lease

Year Ended December 31	Payments		Receipts

(In millions)

2015	$	59	$	5
2016		57		4
2017		52		4
2018		45		3
2019		41		2
Thereafter		238		7

Total	$	492	$	25

- 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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