NOTE 12: Leases

The Company leases facilities and land for certain facilities under agreements with original terms generally of 20 years. The leases generally contain provisions for four to six renewal options of five years each. Some lease agreements also provide for contingent rentals based on sales performance in excess of specified minimums or on changes in the consumer price index. Contingent rentals were not significant for any of the periods presented. The Company subleases certain properties that are not used in its operations. Sublease income was not significant for any of the periods presented.

The future minimum rental payments required under operating leases and capitalized lease obligations having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows:



(In millions) Fiscal Year	Operating Leases		Capitalized Lease Obligations			Total
2016	$	494	$	76		$	570
2017	489		65			554
2018	470		62			532
2019	440		60			500
2020	415		58			473
Later years	3,086		670			3,756
Total minimum lease payments	$	5,394	$	991		$	6,385
Less amount representing interest			(465		)
Present value of minimum lease payments			526
Less current maturities			(34		)
Present value of minimum lease payments, less current maturities			$	492

Rental expenses under operating leases were $473 million, $445 million and $421 million in 2015, 2014 and 2013, respectively, and were recognized within SG&A expense. Excluded from these amounts are rental expenses associated with closed locations which were recognized as exit costs in the period of closure.