Chevron 2014 Annual Report Download - page 43

Download and view the complete annual report

Please find page 43 of the 2014 Chevron annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
Rental expenses incurred for operating leases during 2014, 2013 and 2012 were as follows:
Year ended December 31
2014 2013 2012
Minimum rentals $ 1,080 $ 1,049 $ 973
Contingent rentals 117
Total 1,081 1,050 980
Less: Sublease rental income 14 25 32
Net rental expense $ 1,067 $ 1,025 $ 948
Contingent rentals are based on factors other than the passage of time, principally sales volumes at leased service stations.
Certain leases include escalation clauses for adjusting rentals to reflect changes in price indices, renewal options ranging up
to 25 years, and options to purchase the leased property during or at the end of the initial or renewal lease period for the fair
market value or other specified amount at that time.
At December 31, 2014, the estimated future minimum lease payments (net of noncancelable sublease rentals) under
operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows:
At December 31
Operating Leases Capital Leases
Year 2015 $ 793 $ 34
2016 644 26
2017 585 21
2018 461 20
2019 326 15
Thereafter 689 24
Total $ 3,498 $ 140
Less: Amounts representing interest and executory costs $ (44)
Net present values 96
Less: Capital lease obligations included in short-term debt (28)
Long-term capital lease obligations $68
Note 7
Summarized Financial Data – Chevron U.S.A. Inc.
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate
most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas
and natural gas liquids and those associated with the refining, marketing, supply and distribution of products derived from
petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in
the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The
summarized financial information for CUSA and its consolidated subsidiaries is as follows:
Year ended December 31
2014 2013 2012
Sales and other operating revenues $ 157,198 $ 174,318 $ 183,215
Total costs and other deductions 153,139 169,984 175,009
Net income attributable to CUSA 3,849 3,714 6,216
At December 31
2014 2013
Current assets $ 13,724 $ 17,626
Other assets 62,195 57,288
Current liabilities 16,191 17,486
Other liabilities 30,175 28,119
Total CUSA net equity $ 29,553 $ 29,309
Memo: Total debt $ 14,473 $ 14,482
Chevron Corporation 2014 Annual Report 41