Annual report pursuant to Section 13 and 15(d)

Leases

v2.4.1.9
Leases
12 Months Ended
Dec. 31, 2014
Leases, Operating [Abstract]  
Leases
Note 3. Leases

We lease certain assets under operating leases, which primarily consist of real estate leases for 46 of our 222 service center locations at December 31, 2014. Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value. We have not made any residual value guarantees related to our operating leases; therefore, we have no corresponding liability recorded on our Balance Sheets.

Future minimum annual lease payments for assets under operating leases as of December 31, 2014 are as follows:
 
(In thousands)
 
Total
 
2015
 
$
13,956

 
2016
 
10,438

 
2017
 
7,522

 
2018
 
5,411

 
2019
 
2,784

 
Thereafter
 
10,671

 
Total minimum lease payments
 
$
50,782

 


Aggregate expense under operating leases was $16.5 million, $17.9 million and $19.1 million for 2014, 2013 and 2012, respectively. Certain operating leases include rent escalation provisions, which we recognize as expense on a straight-line basis. We did not have any assets under capital leases at December 31, 2014 or December 31, 2013.