Leases and Rentals |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and Rentals | LEASES AND RENTALS Operating Leases The Company leases certain offices, buildings, automobiles, computers, land and other equipment under operating leases. As of December 31, 2017, such leases expire at various dates through 2022 and may include renewal and payment escalation clauses. The Company often pays maintenance, insurance and tax expense related to leased assets. Rental expenses under our operating leases were $3.5 million, $6.0 million and $5.0 million for 2017, 2016 and 2015, respectively. Future operating lease payments under non-cancellable operating leases with an initial term in excess of one year as of December 31, 2017 are shown below.
The lease of our current corporate headquarters in Colorado Springs, Colorado expires in August 2018. We entered into a new lease agreement for another headquarter office in Colorado Springs in February 2018. The lease obligation for the new office is $8.3 million over 10 years. Capital Leases There was $0.1 million, $0.3 million and $0.5 million of depreciation on capital leases during the years ended December 31, 2017, 2016 and 2015, respectively. Capital lease terms vary in length from 24 to 60 months. The following is a schedule, by year, of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of December 31, 2017:
Capital leases included in property, plant and equipment, net (See Note 10, "Property, Plant and Equipment"):
Capital lease obligations consisted of the following:
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