Steelcase
Inc.
Notes
to Consolidated Financial Statements
Note 15
Commitments and Contingencies
The Company leases certain sales offices, showrooms and equipment under non-cancelable operating leases that expire at various dates through 2005. Minimum annual rental commitments under non-cancelable operating leases that have initial or remaining lease terms in excess of one year as of February 27, 1998, are as follows:
| (in millions) | ||
|
|
||
| Year Ending | Amount | |
|
|
||
| 1999 | $ | 17.1 |
| 2000 | 14.9 | |
| 2001 | 11.8 | |
| 2002 | 9.3 | |
| 2003 | 8.8 | |
| Thereafter | 10.4 | |
|
|
||
| $ | 72.3 | |
|
|
||
Rent expense under all operating leases approximated $47.0 million, $45.3 million and $38.7 million for 1998, 1997 and 1996, respectively.
The Company is involved in litigation from time to time in the ordinary course of its business. Based on known information, management believes that the Company is not currently party to any material litigation.
