US Postal Service 2015 Annual Report Download - page 53

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2015 Report on Form 10-K United States Postal Service 51
At September 30, 2015, scheduled repayments of debt principal are listed below:
(in millions)
2016 $ 10,100
2017 —
2018 —
2019 2,700
2020 —
Thereafter 2,200
Total debt maturities $ 15,000
NOTE 8 - COMMITMENTS AND CONTINGENCIES
Leases
The Postal Service leases premises and equipment under operating and capital leases having terms substantially from 3 to 20
years with options to renew. Certain non-cancellable real estate leases have purchase options at prices specified in the leases.
Future minimum lease payments for all non-cancellable leases with original lease terms greater than one year are set forth in
the following table:
(in millions) Operating Capital
2016 $ 749 $ 91
2017 714 82
2018 665 67
2019 607 53
2020 558 38
Thereafter 3,846 83
Total lease obligations $ 7,139 $ 414
Less: Interest 95
Total capital lease obligations $ 319
Less: Current portion of capital lease obligations 65
Noncurrent portion of capital lease obligations $ 254
Capital leases, recorded at historical cost, were $812 million and $812 million as of September 30, 2015, and 2014, respectively,
are included within Property and equipment, net in the accompanying balance sheets. Total accumulated amortization related
to capital leases was $593 million and $577 million at September 30, 2015, and 2014, respectively. Amortization expense for
assets recorded as capital leases was approximately $44 million, $44 million and $47 million for the years ended September 30,
2015, 2014 and 2013, respectively and is included within Other operating expense in the accompanying Statements of
Operations.