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Leases and Rentals
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Dec. 31, 2014
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| Leases and Rentals | LEASES AND RENTALS Operating Leases The Company leases certain offices, buildings, automobiles, computers, land and other equipment under operating leases. Such leases expire at various dates through 2019 and may include renewal and payment escalation clauses. The Company often pays maintenance, insurance and tax expense related to leased assets. Rental expenses under our operating leases were $9.9 million, $9.7 million and $9.1 million for 2014, 2013 and 2012, respectively. Future operating lease payments under non-cancellable operating leases with an initial term in excess of one year as of December 31, 2014 are shown below.
Capital Leases The Company acquired $1.6 million of vehicles and equipment using capital leases during both fiscal years 2014 and 2013. There was $0.4 million, $0.2 million and less than $0.1 million, of depreciation on capital leases during 2014, 2013 and 2012, respectively. Capital leases terms vary in length from twenty-four to sixty months. The liabilities for these capital leases are included in “Other accrued liabilities” and “Other long-term liabilities” in the Consolidated and Combined Balance Sheets. 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, 2014:
Capital leases included in Plant, property and equipment,net (See Note 8):
Capital leases consisted of the following:
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