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Lease Obligations
12 Months Ended
Dec. 31, 2017
Lease Obligations [Abstract]  
Lease Obligations

Note 12 Lease Obligations



The Company leases certain of its facilities and equipment under capitalized leases and other facilities and equipment under non-cancelable operating leases. The leases are generally on a net-rent basis, under which the Company pays taxes, maintenance and insurance. Leases that expire at various dates through 2027 are expected to be renewed or replaced by leases on other properties.



Rent expense for the years ended December 31, 2017,  2016 and 2015 was $14,899,  $13,232 and $13,960, respectively.



The Company’s future minimum lease payments as of December 31, 2017 under capitalized leases and non-cancelable operating leases, with initial or remaining lease terms in excess of one year, were as follows:





 

 

 

 

 

 

(in thousands)

 

Capitalized Leases

 

Operating Leases

Years ending December 31:

 

 

 

 

 

 

2018

 

$

1,373 

 

$

15,930 

2019

 

 

1,143 

 

 

12,273 

2020

 

 

1,050 

 

 

7,495 

2021

 

 

738 

 

 

5,875 

2022

 

 

752 

 

 

5,097 

Later years

 

 

6,739 

 

 

9,738 

Total minimum lease payments

 

 

11,795 

 

$

56,408 

Less: amounts representing imputed interest

 

 

(4,073)

 

 

 

Present value of minimum lease payments

 

 

7,722 

 

 

 

Less: current portion of capitalized lease obligations

 

 

(644)

 

 

 

Capitalized lease obligations, excluding current portion

 

$

7,078 

 

 

 



Rock Hill Facility



The Company leases its headquarters and research and development facility pursuant to a lease agreement with 3D Fields, LLC.  After its initial term ending August 31, 2021, the lease provides the Company with the option to renew the lease for two additional five-year terms. The lease also grants the Company the right to cause 3D Fields, LLC, subject to certain terms and conditions, to expand the leased premises during the term of the lease, in which case the term of the lease would be extended. The lease is a triple net lease and provides for the payment of base rent of $709 in 2018 through 2020 and $723 in 2021. Under the terms of the lease, the Company is obligated to pay all taxes, insurance, utilities and other operating costs with respect to the leased premises.  This lease is recorded as a capitalized lease obligation under ASC 840, “Leases.” The implicit interest rate was 6.93% as of December 31, 2017 and 2016.



Other Capital Lease Obligations



The Company leases other equipment with lease terms through August 2018.  In accordance with ASC 840, the Company has recorded these leases as capitalized leases. The implicit interest rate ranged from 1.75% to 8.06% at December 31, 2017 and 2016.