OBLIGATIONS UNDER CAPITAL LEASES

12 Months Ended

Dec. 31, 2011

OBLIGATIONS UNDER CAPITAL LEASES [Abstract]

OBLIGATIONS UNDER CAPITAL LEASES

OBLIGATIONS UNDER CAPITAL LEASES

        Obligations under capital leases consist of the following:

December 31,		2011		2010
(In millions)
Warehouses, office facilities and equipment	$	25.2	$	26.9
Less: current portion		1.9		1.7
Obligations under capital leases - noncurrent	$	23.3	$	25.2

        We lease an office facility in Bristol, Pennsylvania under a 20-year net lease that runs until July 2018 and requires minimum annual rent payments of approximately $1.1 million. The building was capitalized at $12.2 million, which approximated the present value of the minimum lease payments.

        In 2003, we entered into a sale-leaseback agreement for our Virginia warehouse facility. This transaction resulted in a net gain of $7.5 million that has been deferred and is being amortized over the lease term, which runs until March 2023 and requires minimum annual rent payments of $2.4 million. The building was capitalized at $25.6 million, which approximated the present value of the minimum lease payments.

        The following is a schedule by year of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of December 31, 2011:

Year Ending December 31,
(In millions)
2012	$	3.6
2013		3.6
2014		3.7
2015		3.7
2016		3.7
Later years		17.4
Total minimum lease payments		35.7
Less: amount representing interest		10.5
Present value of net minimum lease payments	$	25.2