Note 7 - LEASES

All noncancelable leases have been categorized as capital or operating leases. The Company has leases for manufacturing plants, warehouses, machinery and equipment, and administrative offices with terms (including renewal options) ranging from one to 25 years. Under most leasing arrangements, the Company pays the property taxes, insurance, maintenance, and expenses related to the leased property. Total rental expense under operating leases was $9,296,000 in 2000, $11,281,000 in 1999, and $13,095,000 in 1998. There were no active capital leases in 2000. Interest expense on the outstanding obligations under capital leases was $0 in 2000, $13,000 in 1999, and $31,000 in 1998.

Minimum future obligations on leases in effect at December 31, 2000, are:

Return to Top