Leases

The following is a schedule by year of future minimum payments required under the operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2015:



in millions
2016	$	13.6
2017	13.8
2018	13.6
2019	13.5
2020	13.1
2021 and thereafter	35.8
Total minimum lease payments	$	103.4

Federated held a material operating lease at December 31, 2015 for its corporate headquarters building in Pittsburgh, Pennsylvania. This lease expires in 2021 and has renewal options for two successive terms of five years each. This lease includes provisions for leasehold improvement incentives, rent escalation and certain penalties for early termination. In addition, at December 31, 2015, Federated had various other operating lease agreements primarily involving additional facilities. These leases are noncancelable and expire on various dates through the year 2026. Most leases include renewal options and, in certain leases, escalation clauses.

Rent expenses were $13.0 million, $14.8 million and $11.8 million for the years ended December 31, 2015, 2014 and 2013, respectively, and were recorded in Office and occupancy expense on the Consolidated Statements of Income.