In its 2012 Annual Report, Singapore Airlines, which primarily complies with IFRS, reported the following expected future minimum lease payments (in $ million).
35 Capital and Other Commitments (in $ million) (b) Operating lease commitments As lessee
Aircraft
Future minimum lease payments under non-cancellable operating leases are as follows:
Not later than one year..................................................................561.5
Later than one year but not later than five years...................................1,968.1
Later than five years.....................................................................927.0
...........................................................................................3,356.6
In its 2012 Annual Report filed under U.S. GAAP, United Continental Holdings, which owns United Airlines, reported the following expected future minimum lease payments as of December 31, 2012 (in billions):

Required:
1. Assume you were interested in estimating the value of each firms' liability if these operating leases for aircraft were capitalized. Which of these notes provides more useful information and why?
2. Describe some techniques an analyst could use to determine the annual cash flows for Singapore Airlines that comprise "Later than one year but not later than five years." Why do the analyst's assumptions matter for this?

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2013 2014 2015 2016 2017 2017 Total Aircraft operating lease obligations 15 5 1.2 10 0.94 7.5