Coach Inc. reports the following in its 2015 Form 10-K.
The Company leases retail, distribution and office facilities, which expire at various dates through 2036. Future minimum rental payments under non-cancelable operating leases, as of July 2, 2016, are as follows:
Fiscal Year Amount (millions)
2017 $254.2
2018 232.4
2019 209.4
2020 181.4
2021 150.4
Subsequent to 2021 597.4
Total minimum future rental payments $1,625.2
Assume that the appropriate discount rate for the operating leases is 5%. Use a financial calculator to determine the present value of the future minimum operating lease payments. Round remaining life to the nearest whole number.
Round answer to two decimal places.