Leasing Arrangements

12 Months Ended

Dec. 31, 2014

The Company leases warehouse and manufacturing real estate, and manufacturing and computer equipment under operating leases with terms ranging up to 25 years. Operating lease expense amounted to $8.7 million, $9.4 million, and $9.0 million during 2014, 2013, and 2012, respectively. The future estimated minimum payments under capital leases and non-cancelable operating leases with initial lease terms in excess of one year at December 31, 2014, are as follows:



	Capital		Operating
(Thousands)	Leases		Leases
2015	$	1,064	$	6,474
2016	1,064		5,875
2017	1,064		4,359
2018	1,064		3,550
2019	1,064		3,017
2020 and thereafter	3,639		9,461
Total minimum lease payments	8,959		$	32,736
Amounts representing interest	1,747
Present value of net minimum lease payments	$	7,212

The Company was in compliance with all of the covenants contained in lease agreements as of December 31, 2014 and December 31, 2013.

- 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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