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Properties and Equipment
 12 Months Ended
Dec. 31, 2011
Properties and Equipment [Abstract]  
PROPERTIES AND EQUIPMENT

NOTE 4 — PROPERTIES AND EQUIPMENT

Properties and equipment at December 31 are summarized as follows ($ in millions):

 

                 
    2011     2010  

Land

   $ 0.3     $ 0.3  

Buildings and improvements

     23.5       23.1  

Machinery and equipment

     149.3       141.1  

Accumulated depreciation

     (110.9 )      (101.3 ) 
   

 

 

    

 

 

  

Total properties and equipment

   $ 62.2     $ 63.2  
   

 

 

    

 

 

  

In July 2008, the Company entered into sale-leaseback transactions for its Elgin and University Park, Illinois plant locations. Net proceeds received were $35.8 million, resulting in a deferred gain of $29.0 million. The deferred gain is being amortized over the 15-year life of the respective leases. The balance was $21.4 million and $23.5 million at December 31, 2011 and 2010, respectively.

The Company leases certain facilities and equipment under operating leases, some of which contain options to renew. Total rental expense on all operating leases was $11.0 million in 2011, $11.4 million in 2010, and $10.3 million in 2009. Sublease income and contingent rentals relating to operating leases were insignificant. At December 31, 2011, minimum future rental commitments under operating leases having non-cancelable lease terms in excess of one year aggregated $62.5 million payable as follows: $10.0 million in 2012, $7.1 million in 2013, $6.7 million in 2014, $5.8 million in 2015, $5.2 million in 2016, and $27.7 million thereafter.