Leases and Other

12 Months Ended

Dec. 31, 2014

Viad has entered into operating leases for the use of certain of its offices, equipment and other facilities. These leases expire over periods up to 40 years. Leases which expire are generally renewed or replaced by similar leases. Some leases contain scheduled rental increases accounted for on a straight-line basis.

As of December 31, 2014, Viad’s future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows:



(in thousands)	Rental Payments		Receivable Under Subleases
2015	$	16,343	$	1,372
2016	14,115		1,232
2017	12,709		1,021
2018	10,888		1,023
2019	7,739		622
Thereafter	9,755		926
Total	$	71,549	$	6,196

Net rent expense under operating leases consisted of the following as of December 31:



(in thousands)	2014			2013			2012
Minimum rentals	$	37,707		$	34,201		$	36,309
Sublease rentals	(6,884		)	(6,815		)	(6,501		)
Total rentals, net	$	30,823		$	27,386		$	29,808

The aggregate annual maturities and the related amounts representing interest on capital lease obligations are included in Note 11.

In addition, as of December 31, 2014, the Company had aggregate purchase obligations of $28.2 million related to various licensing agreements, consulting and other contracted services.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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