Leases

Capital leases

The Company leases certain of its ATMs, computer equipment and vehicles under capital lease agreements that expire between the years of 2017 and 2021 and bear interest at rates between 0.6% and 12.8%. 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, 2016 and 2015 were as follows:



	As of December 31,
(in thousands)	2016			2015
ATMs	$	15,838		$	10,307
Other	2,038			1,587
Subtotal	17,876			11,894
Less accumulated amortization	(5,892		)	(4,618		)
Total	$	11,984		$	7,276

Non-cash financing and investing activities for the years ended December 31, 2016, 2015 and 2014 represented capital lease obligations of $5.8 million, $6.4 million and $2.2 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 2017 and 2031. 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, 2016, 2015 and 2014 amounted to $80.0 million, $63.0 million and $57.0 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, 2016 are:



(in thousands)	Capital Leases			Operating Leases
Year ending December 31,
2017	$	3,917		$	49,947
2018	3,544			44,409
2019	2,502			33,715
2020	1,148			25,601
2021	403			16,022
Thereafter	—			15,877
Total minimum lease payments	11,514			$	185,571
Less amounts representing interest	(1,252		)
Present value of net minimum capital lease payments	10,262
Less current portion of obligations under capital leases	(3,293		)
Obligations under capital leases, less current portion	$	6,969