LEASE COMMITMENTS. The Group has entered into non-cancellable operating leases in respect of vehicles and equipment, the payments for which extend over a period of up to six years. The total annual rental for 1997 was (Pounds)7,131,000 (1996-- (Pounds)8,934,000). The lease agreements provide typically that the Group will pay all insurance, maintenance and repairs. In addition, the Group leases certain land and buildings on short- and long- term operating leases. The annual rental on these leases was (Pounds)12,547,000 (1996--(Pounds)12,756,000). The rents payable under these leases are subject to renegotiation at various intervals specified in the leases. The Group typically pays all insurance, maintenance and repairs of these properties. The annual rental commitments under the foregoing leases comprise: Group ----------------------- Vehicles and Property equipment ----------- ----------- (Pounds)000 (Pounds)000 1997 Operating leases which expire - --within one year 728 629 - --within two-five years 4,083 3,288 - --after five years 2,966 569 ----- ----- 1996 Operating leases which expire 7,777 4,486 ===== ===== - --within one year 1,005 1,106 - --within two-five years 3,186 1,549 - --after five years 4,623 437 ----- ----- 8,814 3,092 ===== =====
LEASE COMMITMENTS. We have entered into various long-term noncancelable operating leases, including leases with Shell (see note 8). Future minimum lease commitments at December 31, 2002 are as follows: 2003 – $5.2 million; 2004 – $5.2 million; 2005 – $5.2 million; 2006 – $4.9 million; 2007 – $3.8 million; and thereafter – $16.2 million. We recorded $5.6 million and $4.1 million in rent expense for the year ended December 31, 2002 and the ten months ended December 31, 2001, respectively.
LEASE COMMITMENTS. Certain of the Company's hospital and medical office facilities and equipment are held under operating or capital leases which expire through 2013 (See Note 8). Certain of these leases also contain provisions allowing the Company to purchase the leased assets during the term or at the expiration of the lease at fair market value. A summary of property under capital lease follows: DECEMBER 31, ----------------------- 1996 1995 ----------- ----------- Land, buildings and equipment.......................... $27,243,000 $27,415,000 Less: accumulated amortization......................... 17,371,000 12,867,000 ----------- ----------- $ 9,872,000 $14,548,000 =========== =========== Future minimum rental payments under lease commitments with a term of more than one year as of December 31, 1996, are as follows: YEAR CAPITAL LEASES OPERATING LEASES - ---- ----------- ----------- 1997................................................... $ 5,216,000 $23,145,000 1998................................................... 3,094,000 20,266,000 1999................................................... 1,934,000 18,668,000 2000................................................... 1,248,000 15,131,000 2001................................................... 130,000 13,373,000 Later Years............................................ Total minimum rental................................. -- ----------- $11,622,000 7,587,000 ----------- $98,170,000 Less: Amount representing interest..................... 1,080,000 =========== Present value of minimum rental commitments............ ----------- 10,542,000 Less: Current portion of capital lease obligations..... Long-term portion of capital lease obligations......... 4,643,000 ----------- $ 5,899,000 =========== Capital lease obligations of $1,902,000, $4,961,000 and $4,654,000 in 1996, 1995 and 1994, respectively, were incurred when the Company entered into capital leases for new equipment.
LEASE COMMITMENTS. During December 1999, the Company entered into a $100.0 million operating lease facility established to finance the acquisition of operating equipment (primarily revenue-producing vehicles). At December 31, 2000, $89.4 million was outstanding under the lease facility. In addition, the Company and its subsidiaries lease real property, equipment and software under various other operating leases with terms from one to twenty-five years. Rent expense during the year ended December 31, 2000 was approximately $25.3 million. 59 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) Future minimum lease obligations under non-cancelable real property, equipment and software leases with initial terms in excess of one year at December 31, 2000 are as follows: YEAR ENDING DECEMBER 31, ------------ 2001........................................................ $ 18.7 2002........................................................ 90.8
LEASE COMMITMENTS. During December 1999, the Company entered into a $100.0 million operating lease facility established to finance the acquisition of operating equipment. At March 31, 2000, $43.9 million was outstanding under the lease facility. In addition, the Company and its subsidiaries lease real property, equipment and software under various other operating leases with terms from one to twenty-five years. LIABILITY INSURANCE The Company carries general liability, vehicle liability, employment practices liability, pollution liability, directors and officers liability, workers compensation and employer's liability coverage, as well as umbrella liability policies to provide excess coverage over the underlying limits contained in these primary policies. The Company also carries property insurance. The Company's insurance programs for worker's compensation, general liability, vehicle liability and employee related health care benefits are effectively self-insured. Claims in excess of self-insurance levels are fully insured. Accruals are based on claims filed and estimates of claims incurred but not reported. The Company's liabilities for unpaid and incurred but not reported claims at March 31, 2000 was $39.3 million and are included in other current and other liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in management's opinion, recorded reserves are adequate to cover the future payment of claims. However, it is reasonably possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in operations in the periods in which such adjustments are known.
LEASE COMMITMENTS. During December 1999, the Company entered into a $100.0 million operating lease facility established to finance the acquisition of operating equipment (primarily revenue-producing vehicles). At December 31, 1999, $36.1 million was outstanding under the lease facility. In addition, the Company and its subsidiaries lease real property, equipment and software under various other operating leases with terms from one to twenty-five years. 56 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) Future minimum lease obligations under noncancelable real property, equipment and software leases with initial terms in excess of one year at December 31, 1999 are as follows: Year Ending December 31: 2000........................................................ $ 9.0 2001........................................................ 8.1 2002........................................................ 32.7 2003........................................................ 1.0 2004........................................................ 1.0 Thereafter.................................................. 6.0 ----- $57.8 ===== LIABILITY INSURANCE The Company carries general liability, vehicle liability, employment practices liability, pollution liability, directors and officers liability, workers compensation and employer's liability coverage, as well as umbrella liability policies to provide excess coverage over the underlying limits contained in these primary policies. The Company also carries property insurance. The Company's insurance programs for worker's compensation, general liability, vehicle liability and employee related health care benefits are effectively self-insured. Claims in excess of self-insurance levels are fully insured. Accruals are based on claims filed and estimates of claims incurred but not reported. The Company's liabilities for unpaid and incurred but not reported claims at December 31, 1999 was $38.4 million under its current risk management program and are included in other current and other liabilities in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred are dependent on future developments, in management's opinion, recorded reserves are adequate to cover the future payment of claims. However, it is reasonably possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflecte...
LEASE COMMITMENTS. The Company leases its manufacturing facilities under a non-cancelable operating lease expiring in 2007 and has the option to extend this lease for one additional renewal term of five years. In January 2000, the Company entered into a seven-year lease for its corporate headquarters in Mountain View, California, which expires in January 2007. Future minimum lease payments under operating leases are as follows (in thousands): 2001........................................................ $1,247 2002........................................................ 1,313 2003........................................................ 1,262 2004........................................................ 1,299 2005........................................................ 1,348 Thereafter.................................................. 1,517 ------ $7,986 ====== Rent expense, in thousands, under operating leases totaled $1,235, $994,
LEASE COMMITMENTS. The Company leases certain of its office facilities and various automobiles. Rental expense for 1997, 1996 and 1995 was $3,427,000, $3,325,000, and $1,521,000, respectively. Certain facility leases have renewal options from one to five years. Future minimum lease payments under noncancelable operating leases are as follows: 1998......................... $ 3,160,000 1999......................... 3,060,000 2000......................... 2,852,000 2001......................... 2,045,000 2002......................... 1,819,000 Thereafter 10,944,000
LEASE COMMITMENTS. The Company leases its manufacturing facilities under a five-year non-cancelable operating lease expiring in 2002. The Company has the option to extend this lease for two renewal terms of five years each. The Company cancelled the lease on its principal administrative and research and development laboratory facility that had a fifteen-year term expiring in 2012. The Company was able to secure a sub-lease that expires in November 1999 for significantly reduced space within the same building. Future minimum lease payments under operating leases are as follows (In thousands): 1999........................................................ $ 961 2000........................................................ 763 2001........................................................ 763 2002........................................................ 163 2003........................................................ 9 ------ $2,659 ====== Rent expense under operating leases totaled $2,472,000, $1,302,000, $560,000, for the years ended December 31, 1998, 1997, 1996, respectively. 40 VIVUS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
LEASE COMMITMENTS. We lease certain of our premises and equipment under non-cancelable operating leases with terms expiring through 2023 exclusive of renewal option periods. Our annual aggregate minimum rental commitments under these leases are summarized as follows: 2017 $ 14,037 2018 9,878 2019 5,590 2020 2,929 2021 1,379 Thereafter 1,184 34,997 Less: Sublease income (1,027) Total minimum lease payments, net $ 33,970 In connection with business acquisitions we completed in prior years, we assumed the obligation for the lease agreements associated with certain facilities. The rental commitments in the table above for operating leases include the remaining amounts due through the earlier of the lease expiration date or the early termination date. We converted rental commitments for our facilities outside the U.S. to U.S. dollars using exchange rates in effect at December 31, 2016 . Rent expense for 2016 , 2015 and 2014 was $20.0 million , $23.7 million and $19.0 million , respectively.
