Leases

Capital leases

The Company leases certain of its ATMs, computer equipment and vehicles under capital lease agreements that expire between the years of 2019 and 2023 and bear interest at rates between 0.8% and 13.0%. 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, 2018 and 2017 were as follows:



	As of December 31,
(in thousands)	2018			2017
ATMs	$	28,370		$	23,969
Other	2,248			2,268
Subtotal	30,618			26,237
Less accumulated amortization	(11,731		)	(9,395		)
Total	$	18,887		$	16,842

Non-cash financing and investing activities for the years ended December 31, 2018, 2017 and 2016 represented capital lease obligations of $6.9 million, $7.9 million and $5.8 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 2019 and 2033. 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, 2018, 2017 and 2016 amounted to $132.8 million, $105.0 million and $80.0 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, 2018 are:



(in thousands)	Capital Leases			Operating Leases
Year ending December 31,
2019	$	6,150		$	80,803
2020	4,583			65,590
2021	3,240			49,052
2022	944			37,823
2023	60			30,192
Thereafter	—			48,191
Total minimum lease payments	14,977			$	311,651
Less amounts representing interest	(1,320		)
Present value of net minimum capital lease payments	13,657
Less current portion of obligations under capital leases	(5,458		)
Obligations under capital leases, less current portion	$	8,199