Operating Leases

12 Months Ended

Dec. 31, 2014

Leases of Lessee Disclosure [Text Block]

Note 16 – Operating Leases

We lease facilities, vehicles, computers and other equipment under long-term operating and capital leases with varying terms. Most of the operating leases contain renewal and/or purchase options. We expect that in the normal course of business, the majority of operating leases will be renewed or replaced by other leases.

As of December 31, 2014, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year are included below.

(In millions)		Facilities	Vehicles	Other	Total

2015	$	44.3	8.3	14.8	67.4
2016		34.7	9.0	8.5	52.2
2017		26.8	8.9	4.2	39.9
2018		20.4	3.6	1.8	25.8
2019		15.9	2.2	1.1	19.2
Later years		45.0	-	0.5	45.5
	$	187.1	32.0	30.9	250.0

The cost related to operating leases is recognized as rental expense. Net rent expense included in continuing operations amounted to $101.7 million in 2014, $100.4 million in 2013 and $91.3 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.

+ References+ Details