EQUIPMENT SUBJECT TO OPERATING LEASES

12 Months Ended

Dec. 31, 2014

Property Subject to or Available for Operating Lease, Net [Abstract]

Operating leases arise from leasing the Company’s products to customers. Initial non-cancellable lease terms typically range up to 84 months. The net book value of equipment subject to operating leases was approximately $72 million and $80 million (net of accumulated depreciation of approximately $40 million and $40 million) at December 31, 2014 and 2013, respectively, and is included in Other assets on the Company’s Consolidated Balance Sheet. The equipment is depreciated on a straight-line basis over its estimated useful life.

Future minimum lease payments to be received under non-cancellable operating leases with lease terms in excess of one year are as follows (in millions):



Years ending December 31,
2015	$	11.8
2016	8.4
2017	2.9
2018	1.7
2019	1.7
Thereafter	1.3
	$	27.8

The Company received approximately $15 million and $16 million of rental income from assets subject to operating leases with lease terms greater than one year during 2014 and 2013, respectively, none of which represented contingent rental payments.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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