13) COMMITMENTS AND CONTINGENCIES The Company's commitments not recorded on the balance sheet primarily consist of programming and talent commitments, operating lease arrangements, purchase obligations for goods and services, and guaranteed minimum franchise payments. These arrangements result from the Company's normal course of business and represent obligations that are payable over several years. Programming and talent commitments of the Company, estimated to aggregate $10.28 billion as of December 31, 2009, primarily include $6.63 billion for sports programming rights, $2.74 billion relating to television, radio, and film production and licensing and $906.3 million for talent contracts. A majority of such commitments is payable over several years, as part of the normal course of business. The Company has long-term operating lease commitments for office space, billboards, equipment, transponders and studio facilities. The Company also enters into capital leases for satellite transponders. At December 31, 2009, future minimum operating lease payments are estimated to aggregate $2.32 billion, of which $937.0 million relates to Outdoor billboards. The Company also has purchase obligations which include agreements to purchase goods or services in the future that totaled $891.8 million as of December 31, 2009. CBS Corp.'s outdoor advertising business has franchise rights entitling it to display advertising on media including transit shelters, buses, rail systems (in-car, station platforms and terminals), mall kiosks, stadium signage and in retail stores. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant advertising revenues, net of advertising agency fees, or a specified guaranteed minimum annual payment. At December 31, 2009, minimum rental payments under leases and minimum franchise payments are as follows: Guaranteed Minimum Franchise Payments Leases Capital Operating 2010 $ 22.5 $ 334.9 $ 388.9 2011 22.1 278.9 370.0 2012 19.4 248.7 359.7