Leases

Future minimum lease payments under non-cancelable rental and lease agreements, which have initial or remaining terms in excess of one year are as follows:



	As of December 31, 2015
	Capital Leases
	(In $ millions)
2016	46
2017	46
2018	45
2019	45
2020	45
Later years	195
Sublease income	—
Minimum lease commitments	422
Less amounts representing interest	(184	)
Present value of net minimum lease obligations	238



	As of December 31, 2015
	Operating Leases
	(In $ millions)
2016	66
2017	43
2018	34
2019	31
2020	23
Later years	97
Sublease income	(3	)
Minimum lease commitments	291

The Company expects that, in the normal course of business, leases that expire will be renewed or replaced by other leases.

Rent expense recorded under all operating leases is as follows:



	Year Ended December 31,
	2015	2014	2013
	(In $ millions)
Total	154	161	160