Question: Presented below is the lease portion of the notes to the financial statements of CF Industries, Inc. Rent expense for operating leases was $38.1 million

Presented below is the lease portion of the notes to the financial statements of CF Industries, Inc.

Rent expense for operating leases was $38.1 million for the year ended December 31, 2008, $31.2 million for 2007, and $26.5 million for 2006.

Instructions
What type of leases does CF Industries, Inc. use? What is the amount of the current portion of the capital leaseobligation?

CF INDUSTRIES, INC. Notes to the Financial Statements Leases lease payments under noncancelable operating leases at December 31,2008, are: The present value of future minimum capital lease payments and the future minimum (in millions) Capital Lease Payments Operating Lease Payments 2009 2010 2011 2012 2013 Thereafter Future minimum lease payments Less: Equivalent interest Present value Less: Current portion 7.733 6,791 6,730 6,788 6,785 13,441 48,268 11.391 $33.2 27.2 11.4 7.3 4.5 11.3 $94.9 36,877 5,570 31,307

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