RELATED PARTY TRANSACTIONS
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Dec. 31, 2014
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RELATED PARTY TRANSACTIONS | Ìý | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS |
Ìý 23. RELATED PARTY TRANSACTIONS ÌýÌýÌýÌýÌýÌýÌýÌýOur consolidated financial statements include the following transactions with our affiliates not otherwise disclosed (dollars in millions): ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
ÌýÌýÌýÌýÌýÌýÌýÌýOur subsidiary Airstar Corporation ("Airstar") subleases a GulfstreamÌýIV-SP Aircraft (the "Aircraft") from Jstar Corporation ("Jstar"), a corporation wholly owned by JonÌýM. ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ pursuant to a lease arrangement that expires in 2021. JonÌýM. ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ is the Executive Chairman and the father of our Chief Executive Officer, PeterÌýR. ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾, and our director, JonÌýM. ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾, Jr. Under this arrangement, monthly sublease payments from Airstar to Jstar are approximately $115,000, and an aggregate of $10Ìýmillion is payable through the end of the remaining seven year lease term. These monthly sublease payments are equal to the financing costs paid by Jstar to a leasing company and the arrangement does not result in a financial benefit to Jstar. ÌýÌýÌýÌýÌýÌýÌýÌýWe occupy and use a portion of an office building owned by the ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Foundation, a private charitable foundation established by JonÌýM. and KarenÌýH. ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ to further the charitable interests of the ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ family, under a lease pursuant to which we make annual lease payments of approximately $2Ìýmillion. During each of the years ended 2014, 2013 and 2012, we made payments of approximately $2Ìýmillion to the ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Foundation under the lease. The lease expires on DecemberÌý31, 2018, subject to a five-year extension, at our option. ÌýÌýÌýÌýÌýÌýÌýÌýThrough May 2002, we paid the premiums on various life insurance policies for Jon M. ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾. These policies have been liquidated, and the cash values have been paid to Mr.ÌýÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾. Mr.ÌýÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ is indebted to us in the amount of approximately $2Ìýmillion with accrued interest, which represents the insurance premiums paid on his behalf through May 2002. This amount is included in other noncurrent assets in our consolidated balance sheets.
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