Commitments and Contingencies Commitments Operating lease rental expense for factories, service and distribution locations, offices, and equipment was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Rental expense $ 15,524 $ 19,178 $ 18,662 Future minimum lease payments at December 31, 2015 , under noncancelable operating leases with initial or remaining terms in excess of one year are as follows: Year Ending December 31, Minimum Payments (in thousands) 2016 $ 10,396 2017 8,600 2018 7,917 2019 5,402 2020 2,605 Beyond 2020 1,156 Future minimum lease payments $ 36,076 Rent expense is recognized straight-line over the lease term, including renewal periods if reasonably assured. We lease most of our sales and distribution locations and administrative offices. Our leases typically contain renewal options similar to the original terms with lease payments that increase based on the consumer price index. Guarantees and Indemnifications We are often required to obtain standby letters of credit (LOCs) or bonds in support of our obligations for customer contracts. These standby LOCs or bonds typically provide a guarantee to the customer for future performance, which usually covers the installation phase of a contract and may, on occasion, cover the operations and maintenance phase of outsourcing contracts. Our available lines of credit, outstanding standby LOCs, and bonds are as follows: At December 31, 2015 2014 (in thousands) Credit facilities (1) Multicurrency revolving line of credit $ 500,000 $ 660,000 Long-term borrowings (151,837 ) (91,469 ) Standby LOCs issued and outstanding (46,574 ) (50,399 ) Net available for additional borrowings under the multi-currency revolving line of credit $ 301,589 $ 518,132 Net available for additional standby LOCs under sub-facility 253,426 449,601 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving line of credit $ 97,989 $ 106,855 Standby LOCs issued and outstanding (31,122 ) (28,636 ) Short-term borrowings (