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Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to

Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows:

Fiscal Year ($ millions)
2016 $1,235
2017 1,198
2018 1,046
2019 921
2020 782
Thereafter 2,418
Total minimum lease commitments $7,600

Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number.

$ million Present Value
Year 1 1,165
Year 2 1,066
Year 3 878
Year 4 703
Year 5 584
After 5 ????????

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