NOTE M—LEASES

Operating Leases

The Company leases office space under non-cancellable operating leases, the majority of which contain escalation clauses. The Company recognizes rent expense on a straight-line basis for leases with escalation clauses. Certain of these leases also contain renewal options. Renewal periods vary according to lease agreements. Rent expense was approximately $48.8 million, $43.0 million, and $41.4 million, for the years ended December 31, 2013, 2012 and 2011, respectively, which were included in Other operating expenses on the Company's Consolidated Statements of Income and Comprehensive Income. Sublease rental income of $1.5 million, $1.3 million and $0.6 million, for the years ended December 31, 2013, 2012, and 2011, respectively, was netted against rent expense. The Company estimates it will receive approximately $1.2 million of sublease rent income over the next four years.

Future minimum rental payments, by year and in the aggregate, under operating leases with terms of one year or more at December 31, 2013 are as follows:

(In thousands)

2014	$	47,100
2015		35,637
2016		28,031
2017		21,522
2018		14,350
Thereafter		27,418


	$	174,058