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LEASES

6 Months Ended

Jun. 30, 2021

22. LEASES

The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of June 30, 2021. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year. During the three months ended June 30, 2021, an additional $9.7 million of right of use assets and $9.7 million of lease liabilities were added related to a new and modified operating leases.

In May 2021, the Company signed a new lease to secure approximately 21,000 square feet of office space in London. The initial term of the lease is 60 months from the accounting commencement date, June 24, 2021. The Company has the option to renew the lease term for an additional 60 months. The total legally binding minimum lease payments for this lease are approximately $9.5 million.

The following table presents the supplemental balance sheet information related to leases as of June 30, 2021 and December 31, 2020, respectively (in millions):


	June 30,		December 31,
	2021		2020
Operating lease right of use assets	$	113.7	$	111.0
Total leased assets	$	113.7	$	111.0

Accrued liabilities	$	13.5	$	12.5
Non-current operating lease liabilities		134.0		132.1
Total leased liabilities	$	147.5	$	144.6

The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2021 and 2020, respectively (in millions, except as stated):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
Operating lease costs (1)	$	6.3	$	5.0	$	12.5		$	9.8

Lease term and discount rate information:
Weighted average remaining lease term (years)						11.5			12.8
Weighted average discount rate						3.3	%		3.4	%

Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of lease liabilities	$	8.6	$	2.6	$	12.7		$	5.4
Lease incentive for leasehold improvements		—		4.8		—			25.2
Right-of-use assets obtained in exchange for lease liabilities		9.7		6.7		10.7			70.9

(1)	Includes short-term lease and variable lease costs, which are immaterial.

The maturities of the lease liabilities are as follows as of June 30, 2021 (in millions):


	June 30,
	2021
Remainder of 2021	$	8.0
2022		17.9
2023		18.1
2024		13.1
2025		12.8
After 2025		110.4
Total lease payments (1)	$	180.3
Less: Interest		(32.8)
Present value of lease liabilities	$	147.5

(1)	Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised.