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, 2017:



in millions
2018	$	13.7
2019	14.2
2020	13.8
2021	13.6
2022	14.3
2023 and thereafter	80.3
Total minimum lease payments	$	149.9

Federated held a material operating lease at December 31, 2017 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, 2017, 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 leases, escalation clauses.

Rent expenses were $13.8 million, $12.9 million and $13.0 million for the years ended December 31, 2017, 2016 and 2015, respectively, and were recorded in Office and occupancy expense on the Consolidated Statements of Income.