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LEASES

12 Months Ended

Dec. 31, 2021

24. 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 December 31, 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 year ended December 31, 2021, $14.1 million of right of use assets and $14.1 million of lease liabilities were added related to new operating leases, including the addition of $0.9 million of right of use assets and lease liabilities related to acquisitions.

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 69 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.

Additionally, in October 2021, the Company signed a new lease to secure approximately 29,500 square feet of office space in Amsterdam. The initial term of the lease is 120 months from the accounting commencement date, February 1, 2022. 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 $9.2 million.

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


	December 31,		December 31,
	2021		2020
Operating lease right of use assets	$	110.1	$	111.0
Total leased assets	$	110.1	$	111.0

Accrued liabilities	$	15.6	$	12.5
Non-current operating lease liabilities		129.2		132.1
Total leased liabilities	$	144.8	$	144.6

The following table presents operating lease costs and other information as of and for the year ended December 31, 2021 (in millions, except as stated):


	Year Ended December 31,			Year Ended December 31,
	2021			2020
Operating lease costs (1)	$	25.6		$	20.2

Lease term and discount rate information:
Weighted average remaining lease term (years)		11.1			12.1
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	$	17.2		$	11.1
Lease incentive for leasehold improvements		—			25.2
Right-of-use assets obtained in exchange for lease liabilities		14.1			68.9

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

The total rent expense related to lease obligations, reflected in technology support services and facilities costs line items on the consolidated statements of income, for the years ended December 31, 2021, 2020, and 2019 were $25.6 million, $20.2 million, and $12.4 million, respectively.

The maturities of the lease liabilities are as follows as of December 31, 2021 (in millions):


	December 31,
	2021
2022	$	19.3
2023		17.7
2024		12.0
2025		11.5
2026		12.5
After 2026 (1)		96.5
Total lease payments	$	169.5
Less: Interest		(24.7)
Present value of lease liabilities	$	144.8

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