Note 18—Non-Mineral Leases
The company primarily leases drilling equipment and office buildings, as well as ocean transport vessels, tugboats, barges, corporate aircraft, computers and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property for the fair market value at the end of the lease term. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. For additional information on leased assets under capital leases, see Note 11—Debt.
| At December 31, 2013, future minimum rental payments due under noncancelable leases were: | ||
| Millions | ||
| of Dollars | ||
| 2014 | $ | 602 |
| 2015 | 519 | |
| 2016 | 483 | |
| 2017 | 318 | |
| 2018 | 182 | |
| Remaining years | 645 | |
| Total | 2,749 | |
| Less: income from subleases | (19) | |
| Net minimum operating lease payments | $ | 2,730 |
| Operating lease rental expense for the years ended December 31 was: | |||||||
| Millions of Dollars | |||||||
| 2013 | 2012 | 2011 | |||||
| Total rentals* | $ | 317 | 282 | 304 | |||
| Less: sublease rentals | (12) | (15) | (14) | ||||
| $ | 305 | 267 | 290 | ||||
| *Includes $3 million and $29 million of contingent rentals in 2012 and 2011, respectively. Contingent rentals were primarily related to drilling | |||||||
| equipment and based on usage. | |||||||