Operting Leases

12 Months Ended

Dec. 31, 2012

Leases, Operating [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 14 – Operating Leases

We lease facilities, vehicles, computers and other equipment under long-term operating and capital leases with varying terms. Most of the operating leases contain renewal and/or purchase options. We expect that in the normal course of business, the majority of operating leases will be renewed or replaced by other leases.

As of December 31, 2012, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year are included below.

(In millions)		Facilities	Vehicles	Other	Total
2013	$	61.5	16.4	4.0	81.9
2014		47.3	12.2	3.3	62.8
2015		37.1	8.0	2.1	47.2
2016		23.0	3.8	1.0	27.8
2017		17.5	1.3	0.4	19.2
Later years		45.8	-	1.0	46.8
	$	232.2	41.7	11.8	285.7

In North America, most of the armored vehicles used by our U.S. operations are accounted for as operating leases.The cost related to these leases is recognized as rental expense in the consolidated statements of income. Since March 2009, we have acquired armored vehicles in the U.S. either by purchasing or by leasing under agreements that we have accounted for as capital leases. The cost of vehicles under capital lease is recognized as depreciation and interest expense.

Our maximum residual value guarantee under operating lease agreements was $17.6million at December 31, 2012. If we continue to renew the leases and pay the lease payments for the vehicles that have been included in the above table, this residual value guarantee will reduce to zero at the end of the final renewal period.

Net rent expense included in continuing operations amounted to $99.5million in 2012, $102.9million in 2011 and $94.3million in 2010.