Properties and Equipment, Net

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

PROPERTIES AND EQUIPMENT, NET

The following table summarizes the components of properties and equipment, net:



(in millions)	2017		2016
Land	$	3.7	$	0.2
Buildings and improvements	34.7		26.0
Machinery and equipment	130.6		118.0
Total property and equipment, at cost	169.0		144.2
Less: Accumulated depreciation	108.9		101.3
Properties and equipment, net ^(a)	$	60.1	$	42.9


(a)	Amounts at December 31, 2017 include properties and equipment acquired in the TBEI acquisition - see Note 2 – Acquisitions.

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 deferred gain balance was $10.6 million and $12.6 million at December 31, 2017 and 2016, respectively. Of these amounts, $1.9 million and $1.9 million, were included within Other current liabilities on the Consolidated Balance Sheets at December 31, 2017 and 2016, 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 $8.5 million in 2017, $8.3 million in 2016 and $7.2 million in 2015. Sublease income and contingent rentals relating to operating leases were insignificant. At December 31, 2017, minimum future rental commitments under operating leases having non-cancelable lease terms in excess of one year aggregated $37.2 million and were payable as follows: $8.4 million in 2018, $7.3 million in 2019, $6.7 million in 2020, $6.0 million in 2021, $5.3 million in 2022 and $3.5 million thereafter.