Note Q — Commitments

VF is obligated under noncancelable operating leases related primarily to retail stores, office space, distribution facilities and equipment. Rent expense, net of sublease income that was not significant in any period, was included in the Consolidated Statements of Income as follows:

Future minimum lease payments are $362.5 million, $306.0 million, $251.3 million, $192.2 million and $171.1 million for the years 2016 through 2020, respectively, and $331.9 million thereafter. In addition, VF will receive total payments of $2.0 million related to noncancelable subleases through 2016.

VF has entered into licensing agreements that provide VF rights to market products under trademarks owned by other parties. Royalties under these agreements are recognized in cost of goods sold in the Consolidated Statements of Income. Certain of these agreements contain minimum royalty and minimum advertising requirements. Future minimum royalty payments, including any required advertising payments, are $57.5 million, $89.0 million, $109.4 million, $94.7 million and $49.8 million for the years 2016 through 2020, respectively, and $52.0 million thereafter.

In the ordinary course of business, VF has entered into purchase commitments for raw materials, contract production and finished products. These agreements, typically ranging from 2 to 6 months in duration, require total payments of $1.7 billion in 2016.

VF has entered into commitments for (i) service and maintenance agreements related to its management information systems, (ii) capital spending and (iii) advertising. Future payments under these agreements are $100.2 million, $4.3 million, $0.5 million, $0.2 million and $0.2 million for the years 2016 through 2020, respectively, and $0.3 million thereafter.

Surety bonds, standby letters of credit and international bank guarantees, all of which represent contingent guarantees of performance under self-insurance and other programs, totaled $115.9 million as of December 2015. These commitments would only be drawn upon if VF were to fail to meet its claims or other obligations.