As of August 31, 2021, our purchase commitments under various contracts for the remainder of 2022 and annually thereafter were as follows (in millions):

	Aircraft and Related		Other⁽¹⁾		Total
2022 (remainder)	$	1,116	$	840	$	1,956
2023		2,593		750		3,343
2024		1,916		563		2,479
2025		1,365		423		1,788
2026		430		357		787
Thereafter		2,307		252		2,559
Total	$	9,727	$	3,185	$	12,912

The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of August 31, 2021, our obligation to purchase three Boeing 777 Freighter (“B777F”) aircraft and two Boeing 767-300 Freighter (“B767F”) aircraft is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above.

During the first quarter of 2022, FedEx Express exercised options to purchase an additional 20 B767F aircraft, ten of which will be delivered in 2024 and ten of which will be delivered in 2025.

As of August 31, 2021, we had $769 million in deposits and progress payments on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our accompanying unaudited condensed consolidated balance sheets. Aircraft and related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of August 31, 2021 with the year of expected delivery:

	Cessna SkyCourier 408		ATR 72-600F		B767F		B777F		Total
2022 (remainder)		9		8		7		2		26
2023		12		6		13		2		33
2024		12		6		14		4		36
2025		12		6		10		2		30
2026		5		1		—		—		6
Thereafter		—		—		—		—		—
Total		50		27		44		10		131

A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year as of August 31, 2021 is as follows (in millions):

	Aircraft and Related Equipment			Facilities and Other			Total Operating Leases			Finance Leases			Total Leases
2022 (remainder)	$	195		$	1,829		$	2,024		$	67		$	2,091
2023		194			2,345			2,539			25			2,564
2024		102			2,076			2,178			28			2,206
2025		69			1,822			1,891			23			1,914
2026		61			1,583			1,644			22			1,666
Thereafter		184			7,632			7,816			704			8,520
Total lease payments		805			17,287			18,092			869			18,961
Less imputed interest		(60	)		(2,387	)		(2,447	)		(365	)		(2,812	)
Present value of lease liability	$	745		$	14,900		$	15,645		$	504		$	16,149

While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

As of August 31, 2021, FedEx has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $2.6 billion that will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from 2022 to 2023.