Annual report pursuant to Section 13 and 15(d)

Leases

v3.3.1.900
Leases
 12 Months Ended
Dec. 31, 2015
Leases [Abstract]  
Leases
Leases
Operating Leases
We conduct certain of our operations under operating lease agreements. Rent expense under operating leases was approximately $7.8 million, $2.6 million, and $1.9 million for the years ended December 31, 2015, 2014, and 2013, respectively.
As of December 31, 2015, the aggregate future minimum lease payments under all non-cancelable operating leases with initial or remaining lease terms in excess of one year are as follows: 
Year Ending
(In thousands)
2016
$
15,830

2017
10,749

2018
7,862

2019
6,558

2020
3,208

Thereafter
7,525

Total minimum operating lease commitments
$
51,732


Capital Leases
We acquired various assets under capital leases in connection with our acquisition of Bio-Reference in August 2015. Capital leases are included within Property, plant and equipment, net in our Consolidated Balance Sheet with interest rates ranging from 2% to 7% as follows:
Capital leases
Year ended December 31, 2015
Medical Equipment
$
50,139

Automobiles
6,748

Total
56,887

Less: Accumulated Depreciation
(6,798
)
Net capital leases in Property, plant and equipment
$
50,089


As of December 31, 2015, the aggregate future minimum lease payments under all non-cancelable capital leases with initial or remaining lease terms in excess of one year are as follows: 
Year Ending
(In thousands)
2016
$
5,762

2017
3,951

2018
2,607

2019
1,386

2020
603

Thereafter
794

Total minimum capital lease commitments
$
15,103

 
 
Less interest:
$
445

 
 
Present value of minimum lease payments
$
14,658