13. COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases certain facilities and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The Company incurred lease expenses of $4.6 million and $11.2 million during the three and six months ended June 30, 2014, respectively, and $4.8 million and $9.9 million during the three and six months ended June 30, 2013, respectively. Aggregate minimum lease payments under these agreements for the remainder of 2014 and in future fiscal years are as follows (in thousands):



Year Ending December 31,	Amount
2014	$	12,029
2015		23,221
2016		20,901
2017		15,941
2018		13,534
Thereafter		18,840
Total	$	104,466

Commodities

As of June 30, 2014 the Company had contracted for future purchases of grain, natural gas, ethanol and distillers grains valued at approximately $407.5 million, $35.2 million, $9.8 million and $17.2 million, respectively.

Legal

The Company is currently involved in litigation that has arisen in the ordinary course of business, but it does not believe that any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.

Insurance Recoveries

In March 2014, the Green Plains Otter Tail ethanol plant was damaged by a fire, which caused substantial property damage and business interruption costs. The Company has property damage and business interruption insurance coverages and, as a result, the fire has not had a material impact on the Company’s financial results through June 30, 2014.