The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements which expire at various dates through 2033. These leases generally contain scheduled rent increases or escalation clauses, renewal options, or in some cases, purchase options. The Company also leases certain warehouse space under capital lease agreements which expire at various dates through 2030. These leases contain scheduled rent increases or escalation clauses. Amortization of assets recorded under capital leases is included in depreciation expense.

Rental expense incurred for noncancelable operating leases was $21.6 million in 2018, $18.7 million in 2017 and $13.6 million in 2016. See Note 8 and Note 13 to the consolidated financial statements for additional information on leased property under capital leases.

Following is a summary of future minimum lease payments, including renewal options the Company has determined to be reasonably assured, for all noncancelable operating leases and capital leases as of December 30, 2018:

(in thousands)	Capital Leases		Operating Leases		Total
2019	$	10,434	$	14,146	$	24,580
2020		10,613		13,526		24,139
2021		6,218		12,568		18,786
2022		2,697		11,161		13,858
2023		2,753		10,055		12,808
Thereafter		8,106		33,805		41,911
Total minimum lease payments including interest	$	40,821	$	95,261	$	136,082
Less: Amounts representing interest		5,573
Present value of minimum lease principal payments		35,248
Less: Current portion of principal payment obligations under capital leases		8,617
Long-term portion of principal payment obligations under capital leases	$	26,631

The Company is a shareholder of South Atlantic Canners, Inc. (“SAC”), a manufacturing cooperative in Bishopville, South Carolina. The Company is obligated to purchase 17.5 million cases of finished product from SAC on an annual basis through June 2024. The Company purchased 29.2 million cases, 29.9 million cases and 29.9 million cases of finished product from SAC in 2018, 2017 and 2016, respectively.

The Company is also a shareholder of Southeastern Container (“Southeastern”), a plastic bottle manufacturing cooperative from which the Company is obligated to purchase at least 80% of its requirements of plastic bottles for certain designated territories.

The following table summarizes the Company’s purchases from these manufacturing cooperatives:

	Fiscal Year
(in thousands)	2018		2017		2016
Purchases from SAC	$	155,583	$	148,511	$	149,878
Purchases from Southeastern		125,352		108,528		80,123
Total purchases from manufacturing cooperatives	$	280,935	$	257,039	$	230,001

The Company guarantees a portion of SAC’s debt, which expires at various dates through 2021. The amounts guaranteed were $23.9 million as of both December 30, 2018 and December 31, 2017. In the event SAC fails to fulfill its commitments under the related debt, the Company would be responsible for payments to the lenders up to the level of the guarantee. The Company does not anticipate SAC will fail to fulfill its commitment related to the debt. The Company further believes SAC has sufficient assets, including production equipment, facilities and working capital, and the ability to adjust selling prices of its products to adequately mitigate the risk of material loss from the Company’s guarantee.

The Company holds no assets as collateral against the SAC guarantee, the fair value of which is immaterial to the Company’s consolidated financial statements. The Company monitors its investments in SAC and would be required to write down its investment if an impairment was identified and the Company determined it to be other than temporary. No impairment of the Company’s investments in SAC was identified as of December 30, 2018, and there was no impairment identified in 2017 or 2016.

The Company has standby letters of credit, primarily related to its property and casualty insurance programs. These letters of credit totaled $35.6 million on both December 30, 2018 and December 31, 2017.

The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. As of December 30, 2018, the future payments related to these contractual arrangements, which expire at various dates through 2033, amounted to $173.9 million.

The Company is involved in various claims and legal proceedings which have arisen in the ordinary course of its business. Although it is difficult to predict the ultimate outcome of these claims and legal proceedings, management believes that the ultimate disposition of these matters will not have a material adverse effect on the financial condition, cash flows or results of operations of the Company. No material amount of loss in excess of recorded amounts is believed to be reasonably possible as a result of these claims and legal proceedings.

The Company is subject to audits by tax authorities in jurisdictions where it conducts business. These audits may result in assessments that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for any assessments likely to result from these audits; however, final assessments, if any, could be different than the amounts recorded in the consolidated financial statements.