Leases

Capital leases

The Company leases certain of its ATMs, computer equipment and vehicles under capital lease agreements that expire between the years of 2014 and 2018 and bear interest at rates between 2.2% and 14.4%. The lessors for these leases hold a security interest in the equipment leased under the respective capital lease agreements. Lease installments are paid on a monthly, quarterly or semi-annual basis. Certain leases contain a bargain purchase option at the conclusion of the lease period.

The gross amount of the assets and related accumulated amortization recorded within property and equipment and subject to capital leases as of December 31, 2013 and 2012 were as follows:



	As of December 31,
(in thousands)	2013			2012
ATMs	$	10,427		$	13,101
Other	3,165			3,019
Subtotal	13,592			16,120
Less accumulated amortization	(6,591		)	(8,030		)
Total	$	7,001		$	8,090

Non-cash financing and investing activities for the years ended December 31, 2013, 2012 and 2011 represented capital lease obligations of $0.9 million, $3.4 million and $4.6 million, respectively, incurred when the Company entered into leases primarily for new ATMs, to upgrade ATMs or for data center computer equipment.

Operating leases

The Company has non-cancelable operating leases that expire between the years of 2014 and 2023. Certain of these leases contain renewal options and escalation provisions. The Company recognizes rent expense under the straight-line method over the term of the lease. Rent expense for the years ended December 31, 2013, 2012 and 2011 amounted to $54.0 million, $49.0 million and $40.4 million, respectively.

Future minimum lease payments

Future minimum lease payments under the capital leases and the non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2013 are:



(in thousands)	Capital Leases			Operating Leases
Year ending December 31,
2014	$	2,573		$	39,694
2015	2,116			34,019
2016	728			28,686
2017	252			21,226
2018	4			14,411
Thereafter	—			12,433
Total minimum lease payments	5,673			$	150,469
Less amounts representing interest	(440		)
Present value of net minimum capital lease payments	5,233
Less current portion of obligations under capital leases	(2,361		)
Obligations under capital leases, less current portion	$	2,872