Leases (Tables)

12 Months Ended

Dec. 31, 2015

Future minimum annual rentals under non-cancellable operating leases with initial or remaining terms greater than one year as of December 31, 2015, were as follows (in millions):



2016	$	26.5
2017	27.5
2018	21.7
2019	11.7
2020	9.4
Thereafter	81.1
Total	$	177.9

Lessor, Future Minimum Payments Receivable

Future minimum payments receivable under these arrangements as of December 31, 2015, were as follows (in millions):



2016	$	233.1
2017	202.0
2018	153.7
2019	118.2
2020	94.8
Thereafter	232.0
Total	$	1,033.8

Leases, Investment in Direct Financing Lease

The net investment under direct financing leasing arrangements as of December 31, 2014 and 2015 was as follows (in millions):



	December 31, 2014		December 31, 2015
Total minimum lease payments receivable	$	37.9	$	30.7
Less: Unearned income	7.0		5.8
Recorded net investment in direct financing lease	$	30.9	$	24.9

The net investment in direct financing leases was classified in the consolidated balance sheets as follows (in millions):



	December 31, 2014		December 31, 2015
Current accounts receivable	$	6.1	$	6.4
Non-current accounts receivable	24.8		18.5
Total	$	30.9	$	24.9

Future minimum payments receivable under this direct financing lease for the next five years are: 2016 – $7.4 million; 2017 – $4.1 million; 2018 – $1.7 million; 2019 – $1.7 million; and 2020 – $1.7 million.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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