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Commitments

12 Months Ended

Dec. 31, 2014

Note 7—Commitments

The Company leases certain manufacturing equipment, office equipment, vehicles and office, warehouse and manufacturing facilities under operating leases. Some of the leases provide for escalation of the lease payments as maintenance costs and taxes increase. The leases expire at various times through 2021. Leases for office space and manufacturing facilities generally contain renewal options. Rental expense for 2014, 2013 and 2012 was $14.6 million, $11.2 million and $9.1 million, respectively.

The Company is obligated under a capital lease that expires in 2023. As of December 31, 2014, property, plant and equipment included the following amounts under capital leases (in thousands):

Buildings and building improvements	$	12,207
Less accumulated depreciation		(6,010)
	$	6,197

Capital lease obligations outstanding consist of the following:
		December 31,
(in thousands)		2014		2013
Capital lease obligations	$	9,521	$	10,103
Less current installments		676		582
Capital lease obligations, less current installments	$	8,845	$	9,521

Future minimum lease payments under noncancelable operating leases and future minimum capital lease payments are as follows (in thousands):

		Capital		Operating
Year ending December 31,		Leases		Leases
2015	$	1,613	$	14,577
2016		1,645		9,097
2017		1,678		4,275
2018		1,712		3,622
2019		1,746		3,021
Thereafter		5,915		6,691
Total minimum lease payments	$	14,309	$	41,283
Less: amount representing interest		4,788
Present value of minimum lease payments		9,521
Less: current installments		676
Capital lease obligations, less current installments	$	8,845

The Company enters into contractual commitments to deliver products and services in the ordinary course of business. The Company believes that all such contractual commitments will be performed or renegotiated such that no material adverse financial impact on the Company's financial position, results of operations or liquidity will result from these commitments.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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