Explanation of Lease Payments:

Listed on the Balance Sheet, this value is a line item under Long-Term Debt, as generally leases extend beyond one year.  This figure will vary widely between companies, and whether to buy assets versus leasing them is always a opinionated topic of discussion.

Importance of Lease Payments:

This figure alone is not particularly important, and is used in the calculation of the performance ratio: Fixed Charge Coverage.