NWL » Topics » Commitments

This excerpt taken from the NWL 10-K filed Mar 2, 2009.

Commitments

Lease Commitments

The Company leases manufacturing, warehouse and other facilities, real estate, transportation, and data processing and other equipment under leases that expire at various dates through the year 2020. Rent expense, which is recognized on a straight-line basis over the life of the lease term, was $129.2 million, $109.7 million and $106.5 million in 2008, 2007 and 2006, respectively.

Future minimum rental payments for operating leases with initial or remaining terms in excess of one year are as follows as of December 31, 2008 (in millions):

 

      2009   2010   2011   2012   2013   Thereafter   Total

  $  95.2

  $  75.5   $  58.6   $  48.7   $  41.3   $ 118.1   $  437.4

Purchase Obligations

The Company enters into certain obligations to purchase finished goods, raw materials, components and services pursuant to legally enforceable and binding obligations, which include all significant terms. The Company’s purchase obligations for 2009 include a commitment to purchase the minority interest of a majority owned subsidiary for approximately $30.0 million, which is included in the purchase obligations amount shown in the table below.

As of December 31, 2008, the Company’s future estimated total purchase obligations are as follows (in millions):

 

        2009           2010   2011   Total

 $      237.4

  $      9.0   $    2.3   $    248.7
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