Leases

Operating Leases

Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable operating lease agreements which expire at various dates through 2027. The leases generally provide for fixed annual rentals plus certain other costs or credits. Costs associated with such operating leases are recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense for the years ended December 31, 2015, 2014 and 2013 amounted to $25,840, $22,885 and $15,640, respectively.

The future minimum annual payments for the Company’s operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, at rates now in force are as follows:



2016	$	30,371
2017	20,233
2018	24,841
2019	25,349
2020	23,358
Thereafter	143,475

Capital Leases

Future minimum capital lease payments as of December 31, 2015 are as follows:



2016	$	6,912
2017	6,912
2018	6,912
2019	6,039
2020	4,977
Thereafter	19,099
Total minimum lease payments	50,851
Less amount representing interest (at 8.2%-12%)	(17,511		)
Present value of net minimum future capital lease payments	33,340
Less principal portion of current installments	(3,561		)
Long-term portion of obligations under capital leases	$	29,779