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Leases
 12 Months Ended
Dec. 31, 2016
Leases [Abstract]  
Leases

9. LEASES

 

In the United States, the Company owns its main operating facility located at 451 Creamery Way in Exton, PA, and in early 2017 consummated an agreement to purchase another facility at 427 Creamery Way in Exton, which was previously under lease through January 2018. Both facilities provide manufacturing, warehousing and distribution space. During 2014, the Company obtained a new five year lease on a warehousing and distribution center in Houston, Texas. Additionally, the Company leases its corporate office space in Middletown, CT.

 

In the United Kingdom, the Company leases a facility in Banbury, England, which serves sales, warehousing and operational functions. The lease in Banbury was effective April 1, 2006 and has a 15-year term ending in March 2021. There is an option to terminate the lease in December of 2017. Termination in 2017 requires a penalty of 2 months rentals, or approximately $40,000. The Company’s current intention is to utilize the facility for the 15 years.

 

In addition to property rentals, the Company also leases several automobiles, which are included in the rent expense and in the operating lease details below.

 

Rent expense for operating leases was approximately $486,000, $504,000 and $475,000 for the years ended December 31, 2016, 2015, and 2014, respectively.

 

Future minimum lease payments under non-cancelable leases as of December 31, 2016 is as follows:

 

Year Ending December 31,   Operating Leases  
      (in thousands)  
         
2017   $ 446  
2018     423  
2019     379  
2020     294  
2021     162  
Thereafter     59  
         
Total Minimum Lease Payments   $ 1,763