the redemptions resulted in an early extinguishment charge of $ 5 million . on march 22 , 2010 , we redeemed $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 . the redemption resulted in an early extinguishment charge of $ 16 million in the first quarter of 2010 . on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 . the redemption resulted in a $ 5 million early extinguishment charge . receivables securitization facility 2013 as of december 31 , 2011 and 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility . ( see further discussion of our receivables securitization facility in note 10 ) . 15 . variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) . these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions . within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices . depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant . we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry . as such , we have no control over activities that could materially impact the fair value of the leased assets . we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies . additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s . the future minimum lease payments associated with the vie leases totaled $ 3.9 billion as of december 31 , 2011 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million , net of $ 915 million of accumulated depreciation , and $ 2520 million , net of $ 901 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 , were as follows : millions operating leases capital leases .
did the annual interest savings on the redemption of the 6.5% ( 6.5 % ) notes exceed the cost of the early extinguishment?
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010 , and $ 686 million in 2009 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .