Leasing Arrangements

12 Months Ended

Dec. 31, 2012

Leases [Abstract]

Leasing Arrangements

Leasing Arrangements

The Company leases certain office, manufacturing and warehouse facilities, retail stores and machinery and equipment under noncancellable capital and operating leases that expire at various dates through 2026. Many leases include renewal and/or fair value purchase options.

Future minimum capital and operating lease payments at December 31, 2012 are:

	Capital Leases		Operating Leases
2013	$	1.2	$	38.6
2014	1.5		29.4
2015	1.5		24.0
2016	1.4		19.2
2017	1.4		12.6
Subsequent to 2017	6.5		34.1
Total minimum lease payments	13.5		$	157.9
Amounts representing interest	1.8
Present value of net minimum lease payments	11.7
Current maturities	0.5
Long-term capital lease obligation	$	11.2

Rental expense for all operating leases was $42.9 million, $40.9 million and $41.3 million for 2012, 2011 and 2010, respectively. The Company also recognized $0.6 million, $0.8 million and $0.9 million for 2012, 2011 and 2010, respectively, in rental income on subleases of equipment under operating leases in which it was the lessee.

Assets recorded under capital leases are included in property, plant and equipment and consist of the following:

	December 31
	2012		2011
Plant and equipment	$	12.3	$	3.0
Less accumulated amortization	0.7		0.1
	$	11.6	$	2.9

Amortization of plant and equipment under capital leases is included in depreciation expense in each of the years ended December 31, 2012, 2011 and 2010.

Capital lease obligations of $9.3 million and $3.0 million were incurred in connection with lease agreements to acquire plant and equipment during 2012 and 2011, respectively. No capital lease obligations were incurred in 2010.