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Commitments And Contingencies
 12 Months Ended
Dec. 31, 2016
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

(14)Commitments and Contingencies

The Company utilizes certain office facilities and office equipment under non-cancelable operating lease agreements which generally have original terms of up to five years. Future minimum lease payments required under non-cancellable operating leases having an original term of more than one year as of December 31, 2016 are as follows (in thousands):







 

 

 

 

 

 



 

 

 

 

 

 



 

 

 

Office



 

 

 

Facilities



 

 

 

and



 

 

 

Equipment

Year ending December 31:

 

 

 

 

 

 

2017

 

 

 

 

$

 1,590 

2018

 

 

 

 

 

 416 

2019

 

 

 

 

 

 375 



 

 

 

 

$

 2,381 



Office facility expense was $1.7 million for the year ended December 31, 2016, and $1.5 million for both the years ended December 31, 2015 and 2014,  which was included in administrative expenses in the consolidated statements of income.

As of December 31, 2016 and 2015, the Company had one outstanding letter of credit of $0.1 million. The letter of credit guarantees the Company’s obligations under certain operating lease agreements.

In addition to the rental equipment payable of $25.2 million, the Company had commitments to purchase approximately $189.5 million of rental equipment as of December 31, 2016; $117.4 million in the twelve months ended December 31, 2017 and $72.1 million in the twelve months ended December 31, 2018.



In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry and indemnifications specific to a transaction such as an assignment and assumption agreement. These indemnifications might include claims related to tax matters, governmental regulations, and contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of a contract or by a third-party claim. The Company regularly evaluates the probability of having to incur costs associated with these indemnifications and as of December 31, 2016 there were no claims outstanding under such indemnifications and the Company believes that no claims are probable of occurring in the future.