Leases and Commitments

12 Months Ended

Dec. 31, 2011

LEASES AND COMMITMENTS

Certain assets are leased under long-term operating leases. These include rent for the corporate headquarters and one airplane. Most leases contain renewal options for various periods. Leases generally require the Company to pay for insurance, taxes and maintenance of the leased property. The Company leases other equipment such as vehicles and certain office equipment under short-term leases. Total rent expense was $30.7 million, $25.6 million and $28.5 million in the years ended December 31, 2011, 2010 and 2009, respectively. The Company does not have any material capital leases.

On September 30, 2010, the Company paid $6.0 million for certain machinery and equipment it had previously leased, which was recorded as a capital expenditure within the investing activities section of the Company's Consolidated Statement of Cash Flows for the year ended December 31, 2010.

Future minimum operating lease payments at December 31, 2011 were as follows:



(millions of dollars)
2012	$	16.7
2013	14.0
2014	12.1
2015	10.9
2016	9.2
After 2016	9.9
Total minimum lease payments	$	72.8

- 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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