Analyzing, Interpreting and Capitalizing Operating Leases YUM! Brands, Inc., reports the following footnote relating to its capital and operating leases in its 2012 10-K report ($ millions). Future minimum commitments under non-cancelable leases are set forth below. At December 29, 2012, and December 31, 2011, the present value of minimum payments under capital leases was $170 million and $279 million, respectively.

Commitments ($ millions)	Capital	Operating
2013	$ 18	$678
2014	18	634
2015	19	592
2016	19	556
2017	17	500
Thereafter	189	2,714
	$280	$5,674

(a) Confirm that the implicit rate on YUM!'s capital leases is 6.66%.

N	Amount	IRR
0	Answer	Answer %
1	Answer
2	Answer
3	Answer
4	Answer
5	Answer
6	Answer
7	Answer
8	Answer
9	Answer
10	Answer
11	Answer
12	Answer
13	Answer
14	Answer
15	Answer
16	Answer
17	Answer

Using a 6.66% 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.)