Navy Federal Credit Union 2015 Annual Report Download - page 56

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Financial Section 37
2015—SHARED SUCCESS
and 2014, the potential credit risk related to these commitments could be similar to existing loans,
if these commitments became funded loans.
Commitment balances as of December 31, 2015 and 2014 were as follows:
(dollars in thousands) 2015 2014
Credit cards $ 13,631,267 $ 11,647,058
Home equity lines of credit 1,041,070 944,194
Checking lines of credit 963,131 892,784
Pre-approved auto loans 431,665 401,135
Other 26,013 11,961
Total $ 16,093,146 $ 13,897,132
NOTE 13: PROPERTY, PLANT AND EQUIPMENT
The following is a summary of Navy Federal’s property, plant and equipment:
(dollars in thousands) 2015 2014
Land and buildings $ 991,204 $ 894,284
Equipment, furniture and fixtures 419,665 413,942
Computer software and capitalized IT projects 359,781 440,442
Leasehold improvements 128,272 114,227
Subtotal 1,898,922 1,862,895
Less: Accumulated depreciation (774,803) (845,153)
Total $ 1,124,119 $ 1,017,742
Navy Federal has obligations under a number of non-cancelable operating leases for premises.
The future minimum payments under the terms of the leases as of December 31, 2015 were:
(dollars in thousands) Amount
2016 $ 24,342
2017 19,927
2018 13,020
2019 7,709
2020 3,547
Thereafter 4,022
Total $ 72,567
Rent expense was $25.1 million and $23.3 million for the years ended December 31, 2015 and
2014, respectively.