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(Level 3). Gains and losses related to the fair value changes in the deferred compensation assets and liabilities are recorded in General and Administrative Expenses in the Consolidated Statement of Operations. The following table summarizes the fair value balances (in thousands): 

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(1) T rust assets consist of the cash surrender value of life insurance policies and are intended to fund the deferred compensation agreements. 

## 11. COMMITMENTS AND CONTINGENCIES 

We have been and may from time to time be named as a defendant in legal actions that arise in the ordinary course of business. These include, but are not limited to, employment-related claims and contractual disputes or claims for personal injury or property damage which occur in connection with the provision of our services and products. Management does not currently believe that any of our pending contractual, employment-related, personal injury or property damage claims and disputes will have a material effect on our future results of operations, financial position or cash flow. 

In 1998, we entered into employment agreements with our three senior executive officers that provide for severance benefits. The present value of the long-term liability recorded and fully reserved for the benefits due upon severing the employment of these employees is approximately $7.8 million at December 31, 2013. 

We do not maintain any off-balance sheet debt or other similar financing arrangements nor have we formed any special purpose entities for the purpose of maintaining off-balance sheet debt. 

Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2013, consist of the following (in thousands): 

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Operating lease commitments relate primarily to rental of equipment and office space. Rental expense for operating leases, including amounts for short-term leases with nominal future rental commitments, was approximately $23.2 million, $21.6 million and $20.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. 

