LEASES

The Company leases certain land, buildings, equipment and vehicles under noncancelable operating leases that expire at various dates through 2036. Many of the building leases obligate the Company to pay real estate taxes, insurance and certain maintenance costs and contain multiple renewal provisions, exercisable at the Company's option. Leases that contain predetermined fixed escalations of the minimum rentals are recognized in rental expense on a straight-line basis over the lease term. Cash or rent abatements received upon entering into certain operating leases are also recognized on a straight-line basis over the lease term.

At December 31, 2017, the approximate future minimum lease payments for operating leases were as follows (in thousands of dollars):



Year	Future Minimum Lease Payments
2018	$	63,625
2019	50,610
2020	31,984
2021	20,891
2022	13,555
Thereafter	15,879
Total minimum payments required	196,544
Less amounts representing sublease income	(4,125		)
	$	192,419

The expected reduction of future minimum lease payments is the result of the decreasing branch network across the U.S. and Canada business.

Rent expense was $76 million, $81 million and $77 million for 2017, 2016 and 2015, respectively. These amounts are net of sublease income of $2 million for each 2017, 2016 and 2015.

Capital leases as of December 31, 2017 are not considered material. Capital lease obligations are reported in long-term debt.