Note 16 - Commitment and Contingencies The following schedule shows the composition of rent expense for operating leases (in thousands): 2015 2014 2013 Minimum Rental $39,748 $40,929 $41,899 Less: Sublease Rentals (639) (642) (554) Total $39,109 $40,287 $41,345 Future minimum payments under operating leases were $341.7 million at April 30, 2015. Annual minimum payments under these leases for fiscal years 2016 through 2020 are approximately $38.1 million, $35.6 million, $31.4 million, $27.6 million, and $25.6 million, respectively. Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, are recorded on a straight-line basis over the term of the lease. During the first quarter of fiscal year 2015, the Company renewed the lease for its corporate headquarters in Hoboken, New Jersey. The lease renewal is an operating lease which commences on July 1, 2017 and extends the current lease through March 31, 2033. As a result of the renewal, the Company s total future minimum payments under the new lease will be $223.0 million, with annual minimum payments of $14.4 million in fiscal years 2018 through 2020. The Company is involved in routine litigation in the ordinary course of its business. A provision for litigation is accrued when information available to the Company indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, the Company does not record a liability, but discloses facts related to the nature of the contingency an