PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

G. PROPERTY AND EQUIPMENT

	(In Millions)
	At December 31
	2014		2013
Land and improvements	$	130	$	135
Buildings		754		809
Machinery and equipment		2,035		2,046
		2,919		2,990
Less: Accumulated depreciation		1,780		1,738
Total	$	1,139	$	1,252

        We lease certain equipment and plant facilities under noncancellable operating leases. Rental expense recorded in the consolidated statements of operations totaled approximately $102 million, $93 million and $94 million during 2014, 2013 and 2012, respectively.

        We lease operating facilities from certain related parties, primarily former owners (and in certain cases, current management personnel) of companies acquired. We recorded rental expense to such related parties of approximately $5 million in 2014, $6 million in 2013 and $5 million in 2012.

        At December 31, 2014, future minimum lease payments were as follows, in millions:

2015	$	92
2016		61
2017		30
2018		18
2019		13
2020 and beyond		73

        During 2014, we decided to sell two facilities in our Cabinets and Related Products segment, and we recorded a charge of $28 million, included in cost of goods sold in the consolidated statement of operations, to reflect the estimated fair value of those two facilities. Fair value was estimated using a market approach, considering the estimated fair values for other comparable buildings in the areas where the facilities are located, Level 3 inputs.

        As a result of our business rationalization activities over the last several years, at December 31, 2014, we were holding several facilities for sale, primarily within the Cabinets and Related Products segment. At December 31, 2014 and 2013, the net book value of facilities held for sale was approximately $18 million and $17 million, respectively, included in property and equipment in the consolidated balance sheets as of December 31, 2014 and 2013.