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Rental expense and commitments

12 Months Ended

Dec. 31, 2018

Disclosure Text Block

Rental Expense and Commitments

Note 34 – Rental expense and commitments

At December 31, 2018, the Corporation was obligated under a number of non-cancelable operating and capital leases for land, buildings, and equipment which require rentals as follows:

(In thousands)		2019		2020		2021		2022		2023		Later Years		Total
Operating Leases [1]	$	33,347	$	29,517	$	26,892	$	23,280	$	21,147	$	77,899	$	212,082
Capital Leases [2]		1,690		1,881		2,086		2,307		2,544		9,904		20,412

[1] Minimum payments of operating leases have not been reduced by minimum non-cancelable sublease rentals due in the future of $ 0.1 million at December 31, 2018.

[2] Imputed interest necessary to reduce the minimum lease payments to present value amounted to $6.3 million.

Total rental expense for all operating leases, except those with terms of a month or less that were not renewed, for the year ended December 31, 2018 was $ 31.2 million (2017 - $ 32.1 million; 2016 - $ 32.4 million), which is included in net occupancy, equipment and communication expenses, according to their nature. Total amortization expense for capital leases for the year ended December 31, 2018 was $1.5 million (2017 - $1.3 million; 2016 - $1.2 million), and total interest expense for capital leases for the year ended December 31, 2018 was $1.2 million (2017 - $ 1.2 million; 2016 - $1.2 million).

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- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI http://asc.fasb.org/topic&trid=2144648

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- References

No definition available.

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