MRI Report and

We are having a hard time w/ this , maybe you can explain this in laymens terms : the findings are written as followed:

There is a degenerative disc disease at L-5-S1 . There is a bulging of the disc . There is an annular tear posteriorly. Axial image shows mild based central bulging and protrsion. At L-4-5, there is desiccation with mild disc bulging. There is foraminal encroachment at L4-5 and 5-1 on theleft and the right.

Impression:
L-5-S1 DEGENERATIVE DISC DISEASE WITH ANNULAR TEAR AND BROAD BASED BULGING AND MILD CENTRAL PROTRUSION L5-1.
What does this mean?