Leasing Arrangements

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Leasing Arrangements

Leasing Arrangements

The Company leases certain office, manufacturing and warehouse facilities, retail stores and machinery and equipment under noncancellable capital and operating leases that expire at various dates through 2022. Many leases include renewal and/or fair value purchase options.

Future minimum capital and operating lease payments at December 31, 2011 are:

	Capital Leases		Operating Leases
2012	$	0.6	$	45.5
2013	0.6		35.7
2014	0.6		27.9
2015	0.6		21.9
2016	0.4		16.8
Subsequent to 2016	1.2		39.6
Total minimum lease payments	4.0		$	187.4
Amounts representing interest	0.5
Present value of net minimum lease payments	3.5
Current maturities	0.4
Long-term capital lease obligation	$	3.1

Rental expense for all operating leases was $56.5 million, $62.3 million and $92.9 million for 2011, 2010 and 2009, respectively. The Company also recognized $3.6 million, $8.5 million and $40.7 million for 2011, 2010 and 2009, respectively, in rental income on subleases of equipment under operating leases in which it was the lessee. These subleases were primarily related to lift trucks in which NMHG records revenues over the term of the lease in accordance with the rental agreements with its customers. The sublease rental income for these lift trucks is included in “Revenues” and the related rent expense is included in “Cost of sales” in the Consolidated Statements of Operations for each period. Aggregate future minimum rentals to be received under noncancellable subleases as of December 31, 2011 are $8.8 million.

Assets recorded under capital leases are included in property, plant and equipment and consist of the following:

	December 31
	2011		2010
Plant and equipment	$	8.2	$	10.1
Less accumulated amortization	2.0		4.1
	$	6.2	$	6.0

Amortization of plant and equipment under capital leases is included in depreciation expense in each of the years ended December 31, 2011, 2010 and 2009.

Capital lease obligations of $3.8 million, $0.5 million and $1.2 million were incurred in connection with lease agreements to acquire plant and equipment during 2011, 2010 and 2009, respectively.