Leases

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 24, 2015 are:



(in millions) Fiscal Year	Capitalized Leases			Operating Leases
2016	$	20		$	196
2017	37			138
2018	23			93
2019	22			66
2020	22			43
Thereafter	43			88
Total minimum lease payments	$	167		$	624
Less amounts representing interest	(22		)	N/A
Present value of net minimum lease payments	$	145		N/A

Rent expense for all operating leases was $195 million, $150 million, and $140 million in fiscal years 2015, 2014, and 2013, respectively. The increase in fiscal year 2015 rent expense is primarily related to the January 26, 2015 Covidien acquisition.