LEASES

The Company leases retail locations, warehouses, showrooms, office space, equipment and a factory in Ethiopia. The leases, excluding equipment leases, generally provide for the payment of real estate taxes and certain other occupancy expenses. Retail location leases generally are renewable and provide for the payment of percentage rentals based on location sales and other costs associated with the leased property.

At January 29, 2017, minimum annual rental commitments under non-cancelable leases were as follows:



(In millions)	Capital Leases			Operating Leases		Total
2017	$	4.7		$	457.6	$	462.3
2018	3.9			394.3		398.2
2019	2.9			327.5		330.4
2020	2.0			266.9		268.9
2021	1.8			221.2		223.0
Thereafter	4.0			697.6		701.6
Total minimum lease payments	$	19.3		$	2,365.1	$	2,384.4
Less: Amount representing interest	(2.9		)
Present value of net minimum capital lease payments	$	16.4

The Company’s retail location leases represent $1,575.8 million of the total minimum lease payments. The Company’s administrative offices and showrooms located in New York, New York represent $465.9 million of the total minimum lease payments. The Company’s Europe headquarters and showrooms, the largest of which are located in Amsterdam, the Netherlands, represent $114.2 million of the total minimum lease payments.

At January 29, 2017, aggregate future minimum rentals to be received under non-cancelable capital and operating subleases were $2.1 million and $3.0 million, respectively.

Rent expense was as follows:



(In millions)	2016			2015			2014
Minimum	$	437.0		$	413.8		$	434.5
Percentage and other	143.0			146.7			158.8
Less: Sublease rental income	(4.9		)	(4.6		)	(4.9		)
Total	$	575.1		$	555.9		$	588.4

The gross book value of assets under capital leases, which are classified within property, plant and equipment in the Company’s Consolidated Balance Sheets, amounted to $30.1 million and $25.1 million as of January 29, 2017 and January 31, 2016, respectively. Accumulated amortization related to assets under capital leases amounted to $13.5 million and $10.1 million as of January 29, 2017 and January 31, 2016, respectively. The Company includes amortization of assets under capital leases in depreciation and amortization expense. The Company did not incur any expense in percentage rentals under capital leases during the years ended January 29, 2017 and January 31, 2016.