Financial Accounting
Financial Accounting
9th Edition
ISBN: 9781259738692
Author: Libby
Publisher: MCG
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Chapter S, Problem 1P

Converting Operating Leases to Capital Leases

Apple Corporation discloses the following information about its noncancelable operating leases in its 2012 annual report.

(in millions)
2013 $ 516
2014 556
2015 542
2016 513
2017 486
Thereafter 1,801
Total minimum lease payments $4,414

Assume that the payment amount in the “thereafter” row is all due at the end of 2018 and that the appropriate discount rate is 6 percent. What is the present value of Apple’s “total minimum lease payments” at the end of fiscal 2012?

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