Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

8. Commitments and Contingencies

Contractual Obligations

The Company has entered into obligations under operating leases with initial non-cancelable terms in excess of one year for office space, telephone, and data services. Expenses recorded under these agreements for the years ended December 31, 2016, 2015, and 2014 were approximately $4,293, $3,447 and $3,157, respectively.

Future minimum lease payments with respect to non-cancelable operating leases at December 31, 2016 are approximately as follows:


2017	$	4,020
2018		3,379
2019		2,947
2020		2,866
2021 and thereafter		24,079

Total	$	37,291

Letter of Credit

The Company collateralized its U.S. office lease through a standby letter of credit totaling $1,384. The collateral is included in cash and cash equivalents on the Company’s Consolidated Balance Sheets.

Contingencies

The Company is subject to various reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company is not currently party to any litigation that is expected to have a material impact on its business, financial position, results of operations or cash flows.