Annual report pursuant to Section 13 and 15(d)

Lease Obligations

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Lease Obligations
12 Months Ended
Dec. 31, 2018
Leases [Abstract]  
Lease Obligations

5. Lease Obligations

The Company has warehouse, office, furniture, fixtures, and equipment leases, which expire at various dates through 2033. Under the lease agreements, the Company is also obligated to pay property taxes, insurance, and maintenance costs.

Certain leases contain renewal options. Future minimum rental commitments for non-cancelable operating leases as of December 31, 2018 were as follows:

 

 

 

Operating Leases

 

 

 

(in millions)

 

2019

 

$

43.1

 

2020

 

 

36.3

 

2021

 

 

27.4

 

2022

 

 

23.0

 

2023

 

 

12.5

 

Thereafter

 

 

111.4

 

Total

 

$

253.7

 

 

The Company recognizes rental expense on a straight-line basis. Rental expense, which is included in selling, general, and administrative expenses within the Company’s consolidated statements of income, was $61.1 million, $56.2 million, and $53.4 million for the years ended December 31, 2018, 2017, and 2016, respectively.

There was no material property, plant, and equipment under capital leases included in property, plant, and equipment on the accompanying consolidated balance sheets as of December 31, 2018 and 2017.