Santa Corporation manufactures Christmas decorations and supplies throughout the world. The company owns property, plant, and equipment and also enters into operating leases for certain facilities. Assume that Santas incremental borrowing rate is 8%. The company's tax rate is 40%. Listed below is selected financial data for Santa and a portion of the company's operating lease footnote.

	2012	2011	2010
Property, Plant, & Equipment (net)	$ 882,468	$ 717,453	$ 658,214
Total Assets	1,756,854	1,405,484	1,254,896
Common Shareholders Equity	867,992	652,626	587,951
Sales	$2,922,915	$2,415,632
Cost of Goods Sold	2,016,811	1,642,630
Depreciation Expense	78,584	67,542
Interest Expense	106,663	90,343
Net Income	248,448	217,407

Santa Corp. Operating Lease Disclosure (amounts in thousands) Operating Lease Commitments at the end of 2012 Year Reported Lease Commitments 2013 $148,239 2014 $252,800 2015 $278,327 2016 $279,210 2017 $285,452 Beyond 2017 $2,471,600 Using the information provided by Santa Corporation what would be the present value of the operating leases? (Points : 2) $2,155,843 $2,024,945 $1,482,390 $2,854,452