Operating Leases

12 Months Ended

Dec. 31, 2014

Note 21: Operating Leases

Operating lease expense incurred primarily for manufacturing and office space, machinery, and equipment was $32.8 million, $26.5 million, and $23.6 million in 2014, 2013, and 2012, respectively.

Minimum annual lease payments for noncancelable operating leases in effect at December 31, 2014 are as follows (in thousands):


2015	$	23,493
2016		19,140
2017		14,289
2018		10,336
2019		8,872
Thereafter		27,901

	$	104,031

Certain of our operating leases include step rent provisions and rent escalations. We include these step rent provisions and rent escalations in our minimum lease payments obligations and recognize them as a component of rental expense on a straight-line basis over the minimum lease term.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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