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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2013
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

G. PROPERTY AND EQUIPMENT

 
   (In Millions)
  
 
   At December 31  
 
   2013   2012  

Land and improvements

   $ 135   $ 140  

Buildings

     809     819  

Machinery and equipment

     2,046     2,054  
           
​ ​ ​ ​ ​ ​ ​ ​

 

     2,990     3,013  

Less: Accumulated depreciation

     1,738     1,687  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 1,252   $ 1,326  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        The Company leases certain equipment and plant facilities under noncancellable operating leases. Rental expense recorded in the consolidated statements of operations totaled approximately $93 million, $94 million and $102 million during 2013, 2012 and 2011, respectively. Future minimum lease payments at December 31, 2013 were approximately as follows: 2014 – $62 million; 2015 – $47 million; 2016 – $32 million; 2017 – $20 million; 2018 – $14 million; and 2019 and beyond – $86 million.

        The Company leases operating facilities from certain related parties, primarily former owners (and in certain cases, current management personnel) of companies acquired. The Company recorded rental expense to such related parties of approximately $6 million in 2013 and $5 million in each of 2012 and 2011, respectively.

        As a result of its business rationalization activities over the last several years, at December 31, 2013 and 2012, the Company was holding several facilities for sale, within the Cabinets and Related Products segment and the Other Specialty Products segment. At December 31, 2013 and 2012, the net book value of those facilities was approximately $6 million and $14 million, respectively, and approximates fair value. Fair value was estimated using a market approach, considering the estimated fair values for the other comparable buildings in the areas where the facilities are located, Level 3 inputs.