PART II  ITEM 8 Financial Statements and Supplementary Data American Express Unsecured Revolving Credit Facility  NOTE 3  Operating Leases NOTE 4  JFK Terminal 5 T5i, which is expected in late 2014. We have an early termination option in  2033 for our terminal lease. We are responsible for various payments under  the leases, including ground rents which are reflected in the future minimum  lease payments table in Note 3, and facility rents which are included below.  The facility rents are based upon the number of passengers enplaned out  of the terminal, subject to annual minimums.  We were considered the owner of the T5 Project for financial reporting  purposes only and have been required to reflect an asset and liability for  the T5 Project on our consolidated balance sheets since construction  commenced in 2005. The cost of the T5 Project and the related liability are  being accounted for as a financing obligation. Our construction of T5i is  accounted for at cost with no financing obligation. Our capital expenditure  to date relating to T5i is approximately $88 million, of which approximately  $71 million was incurred in 2013. We operate out of T5 at JFK and our occupancy is governed by various  lease agreements with the PANYNJ. Under the terms of the facility lease  agreement we were responsible for the construction of the 635,000 square  foot 26-gate terminal, a parking garage, roadways and an AirTrain Connector,  all of which are owned by the PANYNJ and collectively referred to as the  T5 Project. In 2012, we commenced construction on T5i, an expansion to  T5 that will be used as an international arrival facility. An extension of the  original T5 lease was executed in 2013 which incorporates approximately  19 acres of additional space for the T5i facilities. The construction of T5i  is expected to be completed in late 2014. T5i is anticipated to include six  international arrival gates comprised of three new and three converted from  T5 as well as an international arrivals hall with full U.S. Customs and Border  Protection services. The lease terms, as amended, for our terminal lease  at JFK ends on the 28 th  anniversary of the date of beneficial occupancy of  participate in the sharing of benefits and losses of the trusts. JetBlue does  not retain any equity interests in any of these trusts and our obligations to  them are limited to the fixed rental payments we are required to make to  them. These were approximately $695 million as of December 31, 2013  and are reflected in the future minimum lease payments in the table above.  Our only interest in these entities is the purchase options to acquire the  aircraft as specified above. Since there are no other arrangements (either  implicit or explicit) between us and the individual trusts that would result in  our absorbing additional variability from the trusts, we concluded we are  not the primary beneficiary of these trusts. We account for these leases  as operating leases, following the appropriate lease guidance as required  by the  Leases  topic in the Codification. We have entered into sale-leaseback arrangements with a third party lender  for 45 of our operating aircraft. The sale-leasebacks occurred simultaneously  with the delivery of the related aircraft to us from their manufacturers. Each  sale-leaseback transaction was structured with a separate trust set up  by the third party lender, the assets of which consist of the one aircraft  initially transferred to it following the sale by us and the subsequent lease  arrangement with us. Because of their limited capitalization and the potential  need for additional financial support, these trusts are variable interest entities  as defined in the  Consolidations  topic of the Codification and must be  considered for consolidation in our financial statements. Our assessment  of each trust considers both quantitative and qualitative factors, including  whether we have the power to direct the activities and to what extent we  We lease aircraft, all of our facilities at the airports we serve, office space  and other equipment. These leases have varying terms and conditions,  with some having early termination clauses which we determine to be  the lease expiration date. The length of the lease depends upon the type  of asset being leased, with the latest lease expiring in 2035. Total rental  expense for all operating leases in 2013, 2012 and 2011 was $295 million,  $284 million and $269 million, respectively. We have approximately $31  million in assets that serve as collateral for letters of credit related to certain  of our leases, which are included in restricted cash. At December 31, 2013, 60 of the 194 aircraft in our fleet were leased under  operating leases, with lease expiration dates ranging from 2016 to 2026.  Five of the 60 aircraft operating leases have variable rate rent payments  based on LIBOR. Leases for 46 of our aircraft can generally be renewed  Future minimum lease payments under noncancelable operating leases, including those described above, with initial or remaining terms in excess of one year  at December 31, 2013, are as follows (in millions): at rates based on fair market value at the end of the lease term for one or  two years. We have purchase options in 45 of our aircraft leases at the  end of the lease term at fair market value and a one-time option during  the term at fixed amounts that were expected to approximate fair market  value at lease inception. During 2013, we extended the leases on eight Airbus A320 aircraft that  were previously set to expire starting from 2014. These extensions resulted  in an additional $42 million of lease commitments through 2022. During  2012, we extended the leases on three Airbus A320 aircraft that were  previously set to expire in 2013. These extensions resulted in an additional  $24 million of lease commitments through 2018. During 2010, we leased  six used Airbus A320 aircraft from a third party, each with a separate six  year operating lease term. The Credit Facility includes covenants that require us to maintain certain  minimum balances in unrestricted cash, cash equivalents, and unused  commitments available under all revolving credit facilities. In addition  the covenants restrict our ability to incur additional indebtedness, issue  preferred stock or pay dividends. As of December 31, 2013, we did not  have an outstanding balance under our credit facilities. In September 2011, we entered into a corporate purchasing line with  American Express, which allowed us to borrow up to a maximum of $125  million. Concurrent to entering into the above agreement with Citibank,  N.A. for the Credit Facility, we terminated the unsecured revolving credit  facility with American Express in April 2013. Aircraft Other Total 2014 $ 141 $ 64 $ 205 2015 150 55 205 2016 90 50 140 2017 77 44 121 2018 75 39 114 Thereafter 271 336 607 TOTAL MINIMUM OPERATING LEASE PAYMENTS $ 804 $ 588 $ 1,392 JETBLUE AIRWAYS CORPORATION  -  2013 Annual Report 52