Leased Facilities

10. Leased Facilities

At December 31, 2011, the Corporation and its consolidated subsidiaries held noncancelable operating charters and leases covering drilling equipment, tankers, service stations and other properties with minimum undiscounted lease commitments totaling $7,914 million as indicated in the table. Estimated related rental income from noncancelable subleases is $107 million.


	Lease Payments Under Minimum Commitments		Related Sublease Rental Income
	(millions of dollars)

2012	$	2,152	$	18
2013		1,696		17
2014		1,219		15
2015		802		12
2016		415		10
2017 and beyond		1,630		35
Total	$	7,914	$	107

Net rental cost under both cancelable and noncancelable operating leases incurred during 2011, 2010 and 2009 were as follows:


	2011		2010		2009
	(millions of dollars)

Rental cost	$	4,061	$	3,762	$	4,426
Less sublease rental income		74		90		98
Net rental cost	$	3,987	$	3,672	$	4,328

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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