Lease Obligations

12 Months Ended

Dec. 31, 2018

The Company enters into various master lease agreements for press, finishing and transportation equipment. These leases provide the Company with options to purchase the related equipment at the termination value, as defined, and at various early buyout dates during the term of the lease. These leases are accounted for as capital leases on the consolidated balance sheets.

The components of capital lease assets at December 31, 2018 and 2017, were as follows:



	2018			2017
Leased equipment—gross	$	33.4		$	38.0
Less: accumulated depreciation	(18.9		)	(19.3		)
Leased equipment—net	$	14.5		$	18.7

The future maturities of capitalized leases at December 31, 2018, were as follows:



	Future Maturities of Capitalized Leases
2019	$	5.9
2020	4.9
2021	4.1
2022	2.0
2023	0.2
2024 and thereafter	—
Total minimum payments	17.1
Less: amounts representing interest	(1.7		)
Present value of minimum payments	15.4
Less: current portion	(5.1		)
Long-term capital lease obligations	$	10.3

The Company has various operating lease agreements. Future minimum rental commitments under non-cancelable leases at December 31, 2018, were as follows:



	Future Minimum Rental Commitments
2019	$	38.2
2020	33.4
2021	23.9
2022	17.8
2023	13.7
2024 and thereafter	31.1
Total	$	158.1

Rent expense under these operating lease agreements totaled $38.5 million, $37.3 million and $43.7 million during the years ended December 31, 2018, 2017 and 2016, respectively.