AIG 2011 Annual Report Download - page 339

American International Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
During 2011, ILFC entered into a contract for the purchase of 100 A320neo family narrowbody aircraft from
Airbus with deliveries beginning in 2015 and canceled its previous purchase commitment for ten A380s. ILFC also
has the right to purchase an additional 50 Airbus A320neo family narrowbody aircraft. In addition, ILFC signed a
purchase agreement for 33 737-800 aircraft from Boeing with deliveries beginning in 2012.
The following table presents the minimum future rental income on noncancelable operating leases of flight
equipment that has been delivered:
At December 31, 2011
(in millions)
2012 $ 4,091
2013 3,585
2014 2,900
2015 2,180
2016 1,570
Remaining years after 2016 1,701
Total $ 16,027
Flight equipment is leased under operating leases with remaining terms ranging from one to fourteen years.
Lease Commitments
AIG and its subsidiaries occupy leased space in many locations under various long-term leases and have entered
into various leases covering the long-term use of data processing equipment.
The following table presents the future minimum lease payments under operating leases:
At December 31, 2011
(in millions)
2012 $ 422
2013 332
2014 234
2015 181
2016 151
Remaining years after 2016 428
Total $ 1,748
Rent expense was $482 million, $587 million and $733 million for the years ended December 31, 2011, 2010 and
2009, respectively. These amounts include $24 million, $118 million and $206 million attributable to discontinued
operations for the years ended December 31, 2011, 2010 and 2009, respectively.
Other Commitments
In the normal course of business, AIG enters into commitments to invest in private equity funds, hedge funds
and mutual funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled
$2.8 billion at December 31, 2011.
AIG is obligated, subject to certain conditions, to make any payment that is not promptly paid with respect to
the benefits accrued by certain employees of AIG and its subsidiaries under the SICO Plans (as discussed in
(c) below under ‘‘Benefits Provided by Starr International Company, Inc.’’).
AIG 2011 Form 10-K 325