15. COMMITMENTS AND CONTINGENCIES Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the balance sheet as liabilities. FactSet records liabilities for commitments when incurred ( i.e. , when the goods or services are received). Lease Commitments At November 30, 2010, the Company leases approximately 169,000 square feet of office space at its headquarters in Norwalk, Connecticut. In addition, FactSet leases office space in the U.S. in New York, New York; Boston, Massachusetts; Chicago, Illinois; Manchester, New Hampshire; Reston, Virginia; Austin, Texas; San Mateo, California; Newark, New Jersey; Piscataway, New Jersey; and Tuscaloosa, Alabama. Outside the U.S., the Company's operations are conducted in leased office space in London, England; Paris and Avon, France; Amsterdam, the Netherlands; Frankfurt, Germany; Milan, Italy; Tokyo, Japan; Hong Kong; Dubai, Hyderabad and Mumbai, India; Sydney, Australia; and Manila, the Philippines. The leases expire on various dates through March 2021. Total minimum rental payments associated with the leases are recorded as rent (a component of selling, general and administrative expenses) on a straight-line basis over the periods of the respective non-cancelable lease terms. The Company believes that its leased office space is adequate for its current needs and that additional space is available for lease to meet any future needs. During the first quarter of fiscal 2011, FactSet entered into a new lease agreement in connection with the relocation of its New Hampshire data center to a new, state of the art facility in Piscataway, New Jersey, which will result in incremental future minimum rental payments of $15.8 million over the remaining non-cancelable lease term of ten years and was included in the future minimum rental payment disclosure below. The new data center space under lease includes 7,095 of rentable square feet. Including the new data center lease agreement, the Company's worldwide leased office sp