Analyzing and Interpreting Footnote on Both Operating and Capital Leases Verizon Communications Inc. provides the following...

Analyzing and Interpreting Footnote on Both Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to its leasing activities in its 10-K report. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2014, are:

(in millions)	Capital Leases	Operating Leases
2015	$181	$2,499
2016	137	2,245
2017	113	1,960
2018	68	1,660
2019	39	1,369
Thereafter	60	4,670
Total minimum rental commitments	598	$14,403
Less interest and executory costs	82
Present value of minimum lease payments	516
Less current installments	158
Long-term obligation at December 31, 2014	$358

Estimate the present value of Verizon's operating leases using a 5% discount rate.
Round to the nearest whole number. ______________

Expert Solution

ekkarill92 answered 2 years ago

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