Note 14
Leases

The Company’s lease obligations primarily relate to real estate, vehicles and machinery. Rent expense was $364 million, $385 million and $390 million in 2018, 2017 and 2016, respectively. Sublease income received by the Company on leased assets was $7 million, $11 million and $13 million in 2018, 2017 and 2016, respectively.

At December 31, 2018, future net minimum lease payments for operating leases, having initial or remaining non-cancelable lease terms in excess of one year, consisted of the following:

($ in millions)

 

2019

329

2020

254

2021

191

2022

132

2023

105

Thereafter

267

 

1,278

Sublease income

(13)

Total

1,265

At December 31, 2018, the future net minimum lease payments for capital leases and the present value of the net minimum lease payments consisted of the following:

($ in millions)

 

2019

34

2020

27

2021

24

2022

24

2023

19

Thereafter

111

Total minimum lease payments

239

Less amount representing estimated executory costs included in total minimum lease payments

(1)

Net minimum lease payments

238

Less amount representing interest

(87)

Present value of minimum lease payments

151

Minimum lease payments have not been reduced by minimum sublease rentals due in the future under non-cancelable subleases. Such minimum sublease rentals were not significant. The present value of minimum lease payments is included in “Short-term debt and current maturities of long-term debt” or “Long-term debt” in the Consolidated Balance Sheets.