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LEASED PROPERTY

12 Months Ended

Dec. 31, 2011

Leases of Lessee Disclosure [Text Block]

LEASED PROPERTY

Leased Property

The Company routinely leases premises for use as sales and administrative offices, warehouses and tanks for product storage, motor vehicles, railcars, computers, office machines, and equipment under operating leases. In addition, the Company leases aircraft in the United States. At the termination of the leases, the Company has the option to purchase certain leased equipment and buildings based on a fair market value determination. In 2009, the Company purchased a previously leased ethylene plant in Canada for $713 million.

Rental expenses under operating leases, net of sublease rental income, were $437 million in 2011, $404 million in 2010 and $459 million in 2009. Future minimum rental payments under operating leases with remaining noncancelable terms in excess of one year are as follows:



Minimum Operating Lease Commitments at December 31, 2011 In millions
2012	$	223
2013	209
2014	176
2015	146
2016	126
2017 and thereafter	1,269
Total	$	2,149

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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