43 The Procter & Gamble Company and Subsidiaries Notes to Consolidated Financial Statements Realization of certain deferred tax assets is dependent upon generating  sufficient taxable income in the appropriate jurisdiction prior to expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not the deferred tax  assets net of applicable valuation allowances will be realized. that can change prior to its exercise. Given the put price cannot exceed  fair market value and the Company’s current liquidity, the Company  does not believe that exercise of the put would materially impact its re- sults of operations or financial condition.  Deferred income tax assets and liabilities are comprised of the following: The Company leases certain property and equipment for varying periods  under operating leases. Future minimum rental payments with terms in  excess of one year total approximately $500.  Net operating losses and other tax credit carryforwards were $1,211  and $1,220 as of June 30, 2002 and 2001, respectively. If unused,  $711 will expire between 2003 and 2012. The remainder, totaling $500  at June 30, 2002, may be carried forward indefinitely. The Company’s business creates a need to enter into commitments with  suppliers that could affect liquidity and capital resources. These commitments do not create immediate liabilities for the Company.  The Company has purchase commitments for materials, supplies and  property, plant and equipment incidental to the ordinary conduct of  business. In the aggregate, such commitments are not in excess of current market prices. Additionally, the Company normally commits to  some level of marketing related expenditures that extend beyond the  fiscal year. These marketing related commitments are necessary in order  to maintain a normal course of business and the risk associated with  them is limited. It is not expected that these commitments will have a  material effect on the Company’s financial condition.  At various points from 2007 to 2017, the minority partner in a subsidiary that holds most of the Company’s China operations has the  right to exercise a put option to require the Company to purchase from  half to all of its outstanding 20% interest at a price not greater than  fair market value. The impact of this put option is dependent on factors  Millions of dollars except per share amounts The Company is subject to various lawsuits and claims with respect to  matters such as governmental regulations, income taxes and other actions arising out of the normal course of business. The Company is  also subject to contingencies pursuant to environmental laws and regulations that in the future may require the Company to take action  to correct the effects on the environment of prior manufacturing and  waste disposal practices. Accrued environmental liabilities for remediation and closure costs were $39 and $43 at June 30, 2002 and  2001, respectively. In management’s opinion, such accruals are appropriate based on existing facts and circumstances. Current year expenditures were not material. While considerable uncertainty exists, in the opinion of management  and Company counsel, the ultimate liabilities resulting from such lawsuits and claims would not materially affect the Company’s financial  statements. Note 12 Commitments and Contingencies June 30 2002 Total Deferred Tax Assets Other postretirement benefits Loss and other carryforwards Other Valuation allowances Total Deferred Tax Liabilities Fixed assets Other  $109 454 742  (106)  1,199  (1,110)  (495)  (1,605) $196 516 350 (104) 958  (1,093) (362)  (1,455) 2001