Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Note 15 — Commitments and Contingencies

The Company has entered into certain leases for office space under non-cancellable operating lease agreements that expire on various dates through 2025.

As of December 31, 2016, the approximate aggregate minimum future rental payments required were as follows (in thousands):



2017	$	14,753
2018	13,379
2019	11,577
2020	9,681
2021	2,180
Thereafter	6,627
Total ⁽¹⁾	$	58,197

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(1)	Minimum future rental payments are recorded at their gross amounts and have not been reduced by sublease rentals of $0.7 million for each year from 2017 to 2018 and $0.5 million in 2019 for approximately 7,000 of aggregate square footage for former Cogent office space in New York and London. The subleases extend through the terms of the existing leases, which both terminate in 2019.

The Company has also entered into various operating leases for office equipment.

Rent expense for leased office space, net of sublease reimbursements, for the years ended December 31, 2016, 2015 and 2014 was approximately $14.3 million, $16.0 million and $14.6 million, respectively.

Diversified financial institutions issued five letters of credit on behalf of the Company to secure office space leases, which totaled $4.3 million and $4.6 million at December 31, 2016 and 2015, respectively. These letters of credit were secured by cash held on deposit. At December 31, 2016 and 2015, no amounts had been drawn under any of the letters of credit. See "Note 4 — Cash and Cash Equivalents".

In addition, the Company has a contingent cash obligation of $18.9 million due the selling unit holders of Cogent if the Earnout is achieved. See "Note 3 -- Acquisition" and "Note 8 — Fair Value of Financial Instruments".

The Company is from time to time involved in legal proceedings incidental to the ordinary course of its business. The Company does not believe any such proceedings will have a material adverse effect on its results of operations.