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Analyzing, Interpreting and Capitalizing Operating Leases YUM! Brands, Inc., reports the following footnote relating to its...

Analyzing, Interpreting and Capitalizing Operating Leases
YUM! Brands, Inc., reports the following footnote relating to its capital and operating leases in its 2015 10-K report ($ millions).

Future minimum commitments under noncancelable leases are set forth below. At December 26, 2015, the present value of minimum payments under capital leases was $169 million.

Commitments ($ millions) Capital Operating
2016 $20 $672
2017 20 620
2018 20 569
2019 20 516
2020 19 457
Thereafter 188 2,123
$287 $4,957

Using a 7.634% discount rate and rounding the remaining lease life to three decimal places, compute the present value of YUM!'s operating leases. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.)

($ millions) Present Value
Year 1 Answer
Year 2 Answer
Year 3 Answer
Year 4 Answer
Year 5 Answer
After 5 Answer
Total* Answer

* (Use subsequent rounded answers for calculation.)

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