LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2014

NOTE 7 LEASE COMMITMENTS

The Company leases certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and capital leases expiring at various dates through the year 2027. Most of the operating leases contain renewal options and certain leases include options to purchase during or at the end of the lease term.

Amortization expense related to capital leases is included in depreciation expense. Rent expense under operating leases (including taxes, insurance and maintenance when included in the rent) amounted to $30,813, $30,720 and $26,911 in 2014, 2013 and 2012, respectively.

Assets recorded under capital leases consist of:

	2014			2013
Buildings	$	2,434		$	15,162
Machinery and equipment		1,076			—

	$	3,510		$	15,162
Accumulated depreciation		(758	)		(11,705	)

	$	2,752		$	3,457

Future minimum payments, by year and in the aggregate, under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2014:




	Capital Leases			Operating Leases
2015	$	695		$	19,292
2016		733			14,465
2017		674			11,843
2018		512			9,248
2019		—			8,668
Subsequent to 2019		—			21,357

Total minimum lease payments		2,614		$	84,873

Amounts representing interest		(190	)

Present value of future minimum lease payments		2,424
Lease amount due in one year		(635	)

Total	$	1,789

- 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.

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