Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Long-Term Restricted Cash

Long-term restricted cash consists of a $1.2 million letter of credit collateralized by U.S. Treasury bills that are restricted as to withdrawal or use under terms of the Company's New York office lease.

Operating Leases

The Company leases office facilities under non-cancelable operating lease agreements which expire at various dates through 2022. Rent-free periods and scheduled rent increases are recorded as components of rent expense on a straight-line basis over the related terms of such leases. Rent expense for each of the years ended December 31, 2016, 2015 and 2014 amounted to $2.4 million, $3.0 million and $3.0 million, respectively.

Future minimum lease payments under non-cancelable operating leases are as follows (in thousands):



Years ending December 31,
2017	$	3,167
2018	3,120
2019	3,038
2020	3,031
2021	2,640
Thereafter	1,489
Total	$	16,485

Legal Proceedings

As of December 31, 2016, the Company was engaged in certain legal actions arising in the ordinary course of business and believes that the ultimate outcome of these actions will not have a material effect on its results of operations, financial position or cash flows.

Other Commitments and Contingencies

The Company has additional purchase commitments in connection with information technology contracts which extend into 2018.

In connection with the sale of our Ijie operations in December 2014, the Company agreed to indemnify the buyers for certain liabilities that may arise related to events prior to the sale transaction or breach of our covenants under the sale agreement. We do not believe this will have a material effect on the Consolidated Financial Statements.