Rental expense and commitments

12 Months Ended

Dec. 31, 2016

Disclosure Text Block

Rental Expense and Commitments

Note 36 – Rental expense and commitments

At December 31, 2016, the Corporation was obligated under a number of non-cancelable leases for land, buildings, and equipment which require rentals as follows:

Year		Minimum payments[1]
		(In thousands)
2017	$	34,530
2018		30,463
2019		28,510
2020		26,861
2021		24,696
Later years		126,308
	$	271,368

[1] Minimum payments have not been reduced by minimum non-cancelable sublease rentals due in the future of $ 0.9 million at December 31, 2016.

Total rental expense for all operating leases, except those with terms of a month or less that were not renewed, for the year ended December 31, 2016 was $ 32.4million (2015 - $ 35.9 million; 2014 -$ 35.0 million), which is included in net occupancy, equipment and communication expenses, according to their nature.