The Company leases office, manufacturing, and research facilities and warehouses, as well as transportation, data processing, and other equipment under capital and operating leases. A substantial number of these leases contain options that allow the Company to renew at the fair rental value on the date of renewal.

Future minimum payments under capitalized leases and non-cancelable operating leases at April 27, 2012 are:

(in millions)	Capitalized		Operating
Fiscal Year	Leases		Leases
2013	$	19	$	111
2014		19		77
2015		18		47
2016		17		29
2017		34		17
2018 and thereafter		107		39
Total minimum lease payments	$	214	$	320
Less amounts representing interest		(35)		N/A
Present value of net minimum lease payments	$	179		N/A

Rent expense for all operating leases, including discontinued operations, was $153 million, $148 million, and $154 million in fiscal years 2012, 2011, and 2010, respectively.

In April 2012, the Company entered into a $165 million sale-leaseback agreement with a financial institution whereby certain manufacturing equipment was sold to the financial institution and is being leased by the Company over a ten-year period. The transaction was recorded as a capital lease and is included in the table above. Payments for the remaining balance of the sale-leaseback agreement are due monthly for the first five years, and then annually, for the remaining five years. The lease provides for an early buyout option whereby the Company, at its option, could repurchase the equipment at a pre-determined fair market value in calendar year 2017.

In April 2006, the Company entered into a sale-leaseback agreement with a financial institution whereby certain manufacturing equipment was sold to the financial institution and was being leased by the Company over a seven-year period. The transaction was recorded as a capital lease. The lease provided for an early buyout option which the Company exercised in fiscal year 2010 which resulted in converting the lease to a term loan. The balance of the related term loan at April 27, 2012 was $13 million and is included within bank borrowings in Note 9.