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, 2016
	Capital Leases
	(In $ millions)
2017	46
2018	44
2019	45
2020	44
2021	44
Later years	146
Sublease income	—
Minimum lease commitments	369
Less amounts representing interest	(152	)
Present value of net minimum lease obligations	217



	As of December 31, 2016
	Operating Leases
	(In $ millions)
2017	57
2018	53
2019	48
2020	42
2021	29
Later years	166
Sublease income	—
Minimum lease commitments	395

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,
	2016	2015	2014
	(In $ millions)
Total	154	154	161