Lease Obligations |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
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| Lease Obligations |
5. Lease obligations The Company has warehouse, office, furniture, fixtures and equipment leases, which expire at various dates through 2025. Under the lease agreements, the Company is also obligated to pay property taxes, insurance and maintenance costs. Certain leases contain renewal options. Future minimum rental commitments for non-cancelable operating leases at December 31, 2015, were as follows (in millions):
The Company recognizes rental expense on a straight-line basis. Rental expense for the years ended December 31, 2015, 2014, and 2013, was $58.0 million, $60.0 million, and $57.5 million, respectively. There was no material property, plant and equipment under capital leases included in property, plant and equipment on the accompanying consolidated balance sheets at December 31, 2015 and December 31, 2014.
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- References No definition available.
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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