Annual Report 1996 |
12. Rental Expense and Lease Commitments |
Minimum annual rental commitments at December 31, 1996, under noncancelable leases, principally for real estate, are payable as follows: |
(In millions) | |
1997 | $16.3 |
1998 | 13.6 |
1999 | 9.2 |
2000 | 4.4 |
2001 | 3.2 |
2002 and thereafter | 4.6 |
Total minimum lease payments | $51.3 |
Minimum payments have not been reduced by minimum sublease rentals of $2.1 million due in the future under noncancelable subleases.
Many of the leases contain renewal options and some contain escalation clauses which require payments of additional rent to the extent of increases in the related operating costs.
Rental and lease expenses consisted of the following:
(In millions) | 1996 |
1995 |
1994 |
Minimum rentals | $25.8 |
$26.4 |
$25.6 |
Contingent rentals | 2.0 |
8.8 |
5.3 |
Total | $27.8 |
$35.2 |
$30.9 |
Sublease income amounted to $1.1 million in 1996, $1.4 million in 1995 and $1.8 million in 1994.