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LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2014
LEASE COMMITMENTS |
LEASE COMMITMENTS | NOTE 7 LEASE COMMITMENTS The Company leases certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and capital leases expiring at various dates through the year 2027. Most of the operating leases contain renewal options and certain leases include options to purchase during or at the end of the lease term. Amortization expense related to capital leases is included in depreciation expense. Rent expense under operating leases (including taxes, insurance and maintenance when included in the rent) amounted to $30,813, $30,720 and $26,911 in 2014, 2013 and 2012, respectively. Assets recorded under capital leases consist of:
|  | 2014 |  | 2013 |
Buildings |  | $ | 2,434 |  | $ | 15,162 |
Machinery and equipment |  |  | 1,076 |  |  | — |
|  | $ | 3,510 |  | $ | 15,162 |
Accumulated depreciation |  |  | (758 | ) |  | (11,705 | )
|  | $ | 2,752 |  | $ | 3,457 |
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Future minimum payments, by year and in the aggregate, under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2014:
|  | Capital Leases |  | Operating Leases |
2015 |  | $ | 695 |  | $ | 19,292 |
2016 |  |  | 733 |  |  | 14,465 |
2017 |  |  | 674 |  |  | 11,843 |
2018 |  |  | 512 |  |  | 9,248 |
2019 |  |  | — |  |  | 8,668 |
Subsequent to 2019 |  |  | — |  |  | 21,357 |
Total minimum lease payments |  |  | 2,614 |  | $ | 84,873 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts representing interest |  |  | (190 | ) |  |  |
Present value of future minimum lease payments |  |  | 2,424 |  |  |  |
Lease amount due in one year |  |  | (635 | ) |  |  |
Total |  | $ | 1,789 |  |  |  |
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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