At fiscal year-end December 31, 2015, ShopWorld had the following assets and liabilities on its balance sheet (in millions):

Current liabilities	$9,459
Long-term debt	12,330
Other liabilities	1,180
Total assets	37,411

ShopWorld reported the following information on leases in the notes to the financial statements.

Total rent expense was $195 million in 2015, $189 million in 2014, and $188 million in 2013. Most of the long-term leases include options to renew, with terms varying from 1 to 50 years. Certain leases also include options to purchase the property.

Future minimum lease payments required under uncancelable lease agreements existing at December 31, 2015 were:

Future Minimum Lease Payments (in millions)	Operating Leases	Capital Leases
2016	$224	$7
2017	201	9
2018	193	9
2019	168	10
2020	142	10
After 2020	3,935	138
Total future minimum lease payments	$4,863	$183
Less: Interest		(70)
Present value of minimum capital lease payments		$113

Required: Your friend, Liz, loves to shop at ShopWorld and is now interested in investing in the company. Tom, another friend of Liz, has told her that ShopWorlds debt structure is risky, with obligations nearly 74% of total assets. Liz sees that debt on the balance sheet is 61% of the total assets and is confused by why Tom thinks ShopWorld is risky. Be sure to explain clearly to Liz what information appears on financial statements, as well as what information does not appear directly on the financial statements.