Leases and Related Parties

12 Months Ended

Dec. 31, 2014

LEASES AND RELATED PARTIES

We lease certain land, facilities and equipment under long-term operating leases expiring at various dates through 2026. Total lease expense for all operating leases amounted to $1.9 million in 2015 and 2014 and $1.8 million in 2013.

Our administrative office in Van Nuys, California was leased from the Louis L. Borick Trust and the Nita A. Borick Management Trust. During 2013 the Louis L. Borick Foundation (the "Foundation") replaced the Louis L. Borick Trust as a landlord for the company's administrative office facility. The Foundation is controlled by Mr. Steven J. Borick, the former Chairman and Chief Executive Officer of the company, as President and Director of the Foundation. The Nita A. Borick Management Trust is controlled by Nita A. Borick and Mr. Steven J. Borick as trustees.

The lease provided for annual lease payments of approximately $427,000, through March 2015. In November 2014, the lease was originally amended to extend the lease term from March 2015 to March 2017, and to reduce the amount of office space and annual rent. As amended, beginning April 2015, the annual lease payment is approximately $225,000, and the company has the option to extend the lease term for six month periods beyond March 2017. The future minimum lease payments that are payable to the Foundation and Trust for the Van Nuys administrative office lease total $0.3 million. Total lease payments to these related entities were $0.3 million, $0.4 million and $0.4 million for 2015, 2014 and 2013, respectively. We also have a lease for our new headquarters in Southfield, Michigan from October 2015 to September 2026 which is with an unrelated party.

The following are summarized future minimum payments under all leases:



Year Ended December 31,	Operating Leases
(Thousands of dollars)
2016	$	1,165
2017	641
2018	645
2019	437
2020	438
Thereafter	2,640
	$	5,966