LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2015

NOTE 17 LEASE COMMITMENTS

Moody’s operates its business from various leased facilities, which are under operating leases that expire over the next 12 years. Moody’s also leases certain computer and other equipment under operating leases that expire over the next four years. Rent expense, including lease incentives, is amortized on a straight-line basis over the related lease term. Rent expense under operating leases for the years ended December 31, 2015, 2014 and 2013 was $87.6 million, $83.9 million and $74.2 million, respectively.

The 21-year operating lease for the Company’s headquarters at 7WTC which commenced on October 20, 2006 contains a total of 20 years of renewal options. These renewal options apply to both the original lease as well as additional floors leased by the Company beginning in 2014. Additionally, the 17.5 year operating lease for the Company’s London, England office which commenced on February 6, 2008 contains a total of 15 years of renewal options.

The minimum rent for operating leases at December 31, 2015 is as follows:

Year Ending December 31,	Operating Leases
2016	$	94.8
2017		88.7
2018		83.2
2019		72.7
2020		68.7
Thereafter		417.4
Total minimum lease payments	$	825.5