Lease Commitments

12 Months Ended

Dec. 28, 2014

The Company leases buildings and equipment under capital and operating leases. The present value of the minimum capital lease payments, net of the current portion, totaled $9.1 million at December 28, 2014. Operating lease agreements, which include leases for manufacturing facilities and office space frequently include renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements.

At December 28, 2014, future minimum lease payments for capital leases and for operating leases with non-cancelable terms of more than one year were as follows (in millions):



	Capital			Operating
2015	$	1.6		$	21.0
2016	1.6			16.6
2017	1.4			12.4
2018	1.4			8.6
2019	1.4			6.6
Thereafter	5.3			18.4
Total minimum lease payments	12.7			$	83.6
Less:
Imputed interest	(2.3		)
Current portion	(1.3		)
Present value of minimum capital lease payments, net of current portion	$	9.1

The 2014 property, plant and equipment accounts included $12.4 million of property leased under capital leases and $5.4 million of related accumulated depreciation. The 2013 property, plant and equipment accounts included $14.5 million of property leased under capital leases and $5.1 million of related accumulated depreciation. Rental expense under operating leases, net of sublease income, was $25.5 million in 2014, $25.8 million in 2013, and $23.6 million in 2012.

- 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.

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