(14) LEASES
PC leases most of its fueling sites and administrative office space under noncancelable operating leases, which expire
at various times through 2028. Peak Oilfield Service Company leases most of its operational sites and administrative
office space under noncancelable operating leases which expire at various times through 2025. CCI Industrial Services
leases a warehouse and administrative offices under leases that expire through 2025. Some of the PC leases also
require a contingent rent based upon gallons of fuel sold. Included in total rental expenses for March 31, 2019, 2018
and 2017 are contingent rents of $121,000, $118,000 and $86,000, respectively. At March 31, 2019, the minimum
rental commitments under noncancelable operating leases payable over the remaining lives of the leases are as
follows (in thousands):
MINIMUM RENTALS
2020
$
7,968
2021 6,911
2022 6,230
2023 5,820
2024 3,598
Thereafter 3,967
$
34,494
Total rental expense charged to operations in 2019, 2018 and 2017 was $9,477,000, $9,590,000 and $9,190,000,
respectively.
Commencing in November 2012, the Corporation entered into a noncancelable operating lease of a building and
land with a tenant expiring in 10 years. This building under lease had an aggregate cost and accumulated depreci-
ation of $15,695,000 and $2,472,000 at March 31, 2019, and an aggregate cost and accumulated depreciation of
$15,695,000 and $2,080,000 at March 31, 2018, respectively.
Commencing in July 2016, the Corporation entered into a noncancelable operating lease of land and buildings
with a tenant expiring in 25 years. This land and building under lease had an aggregate cost and accumulated
depreciation of $3,418,000 and $235,000 at March 31, 2019, and an aggregate cost and accumulated depreciation
of $3,493,000 and $148,000 at March 31, 2018, respectively.
At March 31, 2019, the minimum future rental revenues under these noncancelable operating leases are as follows
(in thousands):
MINIMUM RENTALS
2020
$
2021
2022 2,133
2023 2,235
2024 2,343
Thereafter 8,719
$
70
1,957
2,035
BBNC FY2019 ANNUAL REPORT
19,422