Leases

We lease substantially all our office facilities under operating leases and certain equipment under operating and capital leases that expire at various dates. Office leases may include provisions for additional renewal periods at our option. In circumstances where the exercise of the renewal options is reasonably assured at the inception of the lease, the renewal periods are included in the determination of the lease term. Office leases may include scheduled rent increases and concessions, such as rent abatements and landlord / tenant incentives and improvement allowances. Scheduled rent increases are recognized on a straight-line basis over the lease term. Rent abatements and landlord / tenant incentives and improvement allowances are recorded as deferred rent and are amortized to rent expense on a straight-line basis over the lease term. Certain office leases require payment of real estate taxes and other occupancy costs. These costs are not included in rent expense. Leasehold improvements made at inception or during the lease term are amortized over the shorter of the asset life or the lease term, which may include renewal periods where the renewal is reasonably assured.

Rent expense for the three years ended December 31, 2011, was (in millions)



	2011		2010		2009
Office rent	$	381.6	$	374.4	$	396.0
Less third party sublease rent	12.8		16.3		18.9


Net office rent	368.8		358.1		377.1
Equipment rent	42.7		46.4		65.6


	$	411.5	$	404.5	$	442.7

Future minimum lease payments under non-cancelable operating and capital leases, reduced by third party sublease rent receivable from existing non-cancelable subleases, are (in millions):



	Operating Leases						Capital Leases
	Gross Rent		Less Sublease Rent		Net Rent		Minimum Lease Payments
2012	$	364.9	$	6.9	$	358.0	$	24.9
2013	298.4		4.8		293.6		16.3
2014	228.3		4.0		224.3		8.5
2015	176.4		3.2		173.2		3.7
2016	129.7		1.0		128.7		2.2
Thereafter	385.4		1.2		384.2		2.2


	$	1,583.1	$	21.1	$	1,562.0


Total minimum lease payments							57.8
Less interest component							1.9


Present value of minimum lease payments							$	55.9

At December 31, 2011 and 2010, the current and long-term portions of our capital lease obligation were $24.1 million and $31.8 million and $20.3 million and $30.7 million, respectively. Property under capital leases at December 31, 2011 and 2010 was $111.4 million and $94.6 million, respectively. Accumulated amortization of property under capital leases at December 31, 2011 and 2010 was $59.4 million and $46.0 million, respectively. Amortization expense for property under capital leases in 2011, 2010 and 2009 was $25.0 million, $23.0 million and $17.0 million, respectively.