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Note 11 - Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] |
11. | Commitments and Contingencies :
Operating Leases The Company leases certain warehouses, sales offices, machinery and equipment and vehicles under long-term operating lease agreements. The leases expire at various dates through 2024. In some cases, the leases include options to extend. Rent and lease expense was $9.1 million, $8.7 million and $8.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The future annual minimum lease payments as of December 31, 2016 are as follows:
(in thousands) |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | Thereafter |  |  | Total |
Lease payments |  | $ | 6,634 |  |  | $ | 5,804 |  |  | $ | 4,511 |  |  | $ | 3,661 |  |  | $ | 2,574 |  |  | $ | 3,282 |  |  | $ | 26,466 |
Commitments and Contingencies The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not have a material adverse effect upon its results of operations, financial condition or cash flows. During 2016, the Company paid $1.7 million related to an arbitration decision for a 2015 foreign steel purchase. The amount was included in “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. We have not incurred any charges of this nature in the comparable periods. In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s results of operations or financial condition. At December 31, 2016, approximately 280 of the hourly plant personnel are represented by nine separate collective bargaining units. The table below shows the expiration dates of the collective bargaining agreements.
Facility | Expiration date
Minneapolis plate, Minnesota | March 31, 2017
Detroit, Michigan | August 31, 2017
Duluth, Minnesota | December 21, 2017
St. Paul, Minnesota | May 25, 2018
Milan, Illinois | August 12, 2018
Locust, North Carolina | March 4, 2020
Romeoville, Illinois | May 31, 2020
Minneapolis coil, Minnesota | September 30, 2020
Indianapolis, Indiana | January 29, 2021

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