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Leases | 12 Months Ended
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Dec. 31, 2018
Leases [Abstract] |
Leases | 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, 2018:
(in millions) |
2019 | $ | 17.1 |
2020 | 17.9 |
2021 | 17.5 |
2022 | 18.2 |
2023 | 18.3 |
2024 and Thereafter | 72.2 |
Total Minimum Lease Payments | $ | 161.2 |
Federated held a material operating lease at December 31, 2018 for its corporate headquarters building in Pittsburgh, Pennsylvania. This lease expires in 2030 and has renewal options for additional periods through 2040. This lease includes provisions for leasehold improvement incentives, rent escalation and certain penalties for early termination. In addition, at December 31, 2018, Federated had various other operating lease agreements primarily involving additional facilities. These leases are noncancelable and expire on various dates through the year 2027. Most leases include renewal options and, in certain cases, escalation clauses. Rent expense was $14.7 million, $13.8 million and $12.9 million for the years ended December 31, 2018, 2017 and 2016, respectively, and was recorded in Office and Occupancy expense on the Consolidated Statements of Income.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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