Leases

The Company finances its use of certain leasehold improvements, furniture, fixtures, office equipment and motor vehicles under various lease arrangements provided by financial institutions. Future minimum lease payments under these capital leases as of December 31, 2015 are as follows:



Year ending December 31,
2016	$	444
2017	190
2018	89
2019	28
Total minimum lease payments	751
Less: amount representing interest	89
Present value of minimum lease payments	662
Less: current portion	384
Long term capital lease obligation	$	278

The Company conducts its operations using facilities leased under non-cancelable operating lease agreements that expire at various dates. Future minimum lease payments under non-cancelable agreements expiring after December 31, 2015 are set forth below:



Year ending December 31,
2016	$	7,681
2017	4,782
2018	3,277
2019	2,249
2020	1,521
2021 and thereafter	1,298
	$	20,808

The operating leases are subject to renewal periodically and have scheduled rent increases. The Company recognizes rent on such leases on a straight line basis over the non-cancelable lease period determined under ASC topic 840, “Leases”. Rent expense under both cancelable and non-cancelable operating leases was $19,943, $18,884 and $17,384 for the years ended December 31, 2015, 2014 and 2013, respectively. Deferred rent as of December 31, 2015 and 2014 was $7,066 and $6,544, respectively, and is included under “Accrued expenses and other current liabilities” and “Non-current liabilities” in the consolidated balance sheets.