At March 31, 2011, AF's operating lease commitments for aircraft totaled $4,650 million. Its capital lease commitments for aircraft had a present value that totaled 63,427 million (Note 30.4). While we don't know the present value of the operating leases, likely it would be more than (3,427. Under both U.S. GAAP and IFRS, lessees report operating and finance lease commitments for the upcoming five years. However, under U.S. GAAP, lessees report commitments in each of the next five years and then in total for beyond five years. This is not required by IFRS under which most companies report commitments in the upcoming year, years 2-5, and five years or more. AF, given this latitude, chose to report future payments in the way used by U.S. GAAP companies