9.LEASES

The Company leases certain property and equipment, and other facilities under various operating lease agreements, with terms that range from 1 to 50 years. Such leases generally include provisions for the maintenance of the leased assets, options to purchase the assets at fair value, and renewal options to extend the lease agreements.

Rent expense recorded in costs and expenses in the Consolidated Statement of Income and Comprehensive Income from operating leases totaled $68.6 million, $65.6 million and $58.3 million for the years ended December 31, 2016, 2015 and 2014, respectively, and includes volume-based terminal rent. Additionally, rent expense for short-term and cancelable equipment rentals was $51.0 million, $39.9 million and $27.6 million in 2016, 2015, and 2014, respectively. Management expects that in the normal course of business most operating leases will be renewed or replaced by other similar leases.

Future minimum payments under operating leases as of December 31, 2016 were as follows (in millions):


Year	Total
2017	$	45.5
2018		37.3
2019		30.2
2020		24.9
2021		13.8
Thereafter		31.2
Total minimum lease payments	$	182.9