Annual report pursuant to Section 13 and 15(d)

Leases

v3.6.0.2
Leases
 12 Months Ended
Dec. 31, 2016
Leases [Abstract]  
Leases
Leases

Operating Leases. The Company has lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. The longest of these obligations extends through 2032. Most leases contain renewal options and escalation clauses, and some contain purchase options or contingent rentals. No leases contain restrictions on the Company's activities concerning dividends or incurring additional debt.

Rent expense consisted of the following:
(in millions)
2016
 
2015
 
2014
Basic expense
$
37.2

 
$
31.6

 
$
27.8

Contingent expense
2.0

 
2.8

 
1.9

Sublease income
(0.2
)
 
(0.3
)
 
(0.2
)
Rent expense, net
$
39.0

 
$
34.1

 
$
29.5



Future minimum rental payments at December 31, 2016, under agreements classified as operating leases with non-cancelable terms in excess of one year, were as follows:
(in millions)
 
2017
$
37.6

2018
31.5

2019
24.5

2020
14.0

2021
10.5

Thereafter
33.2

Total (not reduced by minimum sublease income of $0.3)
$
151.3