Capitalizing Operating Leases The following information is taken from the 2012 annual report of Delta Air Lines, Inc.:

Total assets	$44,550
Total liabilities	$46,681
Stockholders deficit	$(2,131)

Operating Leases

2013	$1,005	$502	$1,507
2014	949	484	1,433
2015	859	473	1,332
2016	736	423	1,159
2017	627	373	1,000
Thereafter	6,414	1,001	7,415
Total minimum lease payments	$10,590	$3,256	$13,846

Assume that the cost of debt implicit in the companys operating leases is 5%.

Calculate the present value of Deltas operating leases at year-end. Hint - Assume that any "thereafter" amount is straight-lined over the remaining lease period of 2018-2025 using the lease payment of $1,000, the 5th year (2017). The final lease payment in year 2025 will be a "plug" to balance the total future minimum lease payments of $13,846. Use Excel or a financial calculator for your computations. Do not round until your final answer. Round your answer to the nearest million dollars.

$Answer

million

Calculate the companys total liabilities to total assets ratio for the year (a) with and (b) without considering the companys operating leases.

Round your answers to two decimal places.

(a) With operating lease capitalization	Answer
(b) Without operating lease capitalization	Answer