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LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2017
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 while rent expense related to operating leases is included within cost of sales and Selling Research & Development and Administrative expenses (“SG&A”). Rent expense under operating leases (including taxes, insurance and maintenance when included in the rent) amounted to $30,274, $27,360 and $26,583 in 2017, 2016 and 2015, respectively. Assets recorded under capital leases consist of:
|  | 2017 |  | 2016 |
Buildings |  | $ | 2,415 |  | $ | 2,119 |
Machinery and equipment |  |  | 2,265 |  |  | 2,527 |
|  | $ | 4,680 |  | $ | 4,646 |
Accumulated depreciation |  |  | (2,357) |  |  | (2,102) |
|  | $ | 2,323 |  | $ | 2,544 |
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, 2017:
|  | Capital |  | Operating |
|  | Leases |  | Leases |
2018 |  | $ | 678 |  | $ | 21,467 |
2019 |  |  | 138 |  |  | 16,751 |
2020 |  |  | 30 |  |  | 10,211 |
2021 |  |  | — |  |  | 7,479 |
2022 |  |  | — |  |  | 6,470 |
Subsequent to 2022 |  |  | — |  |  | 13,213 |
Total minimum lease payments |  |  | 846 |  | $ | 75,591 |
Amounts representing interest |  |  | (105) |  |  |  |
Present value of future minimum lease payments |  |  | 741 |  |  |  |
Lease amount due in one year |  |  | (606) |  |  |  |
Total |  | $ | 135 |  |  |  |

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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 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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