Note 14 Leases

The Company’s lease obligations primarily relate to real estate and office equipment. Rent expense was $497 million, $558 million and $602 million in 2015, 2014 and 2013, respectively. Sublease income received by the Company on leased assets was $13 million, $17 million and $22 million in 2015, 2014 and 2013, respectively.

At December 31, 2015, future net minimum lease payments for operating leases, having initial or remaining non-cancelable lease terms in excess of one year, consisted of the following:

($ in millions)

 

2016

417

2017

350

2018

286

2019

220

2020

180

Thereafter

304

 

1,757

Sublease income

(34)

Total

1,723

At December 31, 2015, the future net minimum lease payments for capital leases and the present value of the net minimum lease payments consisted of the following:

($ in millions)

 

2016

32

2017

24

2018

22

2019

21

2020

15

Thereafter

82

Total minimum lease payments

196

Less amount representing estimated executory costs included in total minimum lease payments

(1)

Net minimum lease payments

195

Less amount representing interest

(71)

Present value of minimum lease payments

124

Minimum lease payments have not been reduced by minimum sublease rentals due in the future under non-cancelable subleases. Such minimum sublease rentals were not significant. The present value of minimum lease payments is included in “Short-term debt and current maturities of long-term debt” or “Long-term debt” in the Consolidated Balance Sheets.