Note 14
Leases

The Company’s lease obligations primarily relate to real estate and office equipment. Rent expense was $454 million, $459 million and $497 million in 2017, 2016 and 2015, respectively. Sublease income received by the Company on leased assets was $11 million, $13 million and $13 million in 2017, 2016 and 2015, respectively.

At December 31, 2017, 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)

 

2018

390

2019

301

2020

240

2021

176

2022

139

Thereafter

270

 

1,516

Sublease income

(17)

Total

1,499

At December 31, 2017, 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)

 

2018

48

2019

41

2020

30

2021

24

2022

22

Thereafter

127

Total minimum lease payments

292

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

(2)

Net minimum lease payments

290

Less amount representing interest

(116)

Present value of minimum lease payments

174

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.