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LEASES

12 Months Ended

Dec. 31, 2022

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, 2022. 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, 2022, $24.4 million of

right of use assets and $24.4 million of lease liabilities were added related to new operating leases, including the addition of $1.3 million of right of use assets and lease liabilities related to acquisitions.

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, 2022 and 2021 (in millions):


	December 31,		December 31,
	2022		2021
Operating lease right of use assets	$	111.7	$	110.1
Total leased assets	$	111.7	$	110.1

Accrued liabilities	$	18.3	$	15.6
Non-current operating lease liabilities		129.3		129.2
Total leased liabilities	$	147.6	$	144.8

The following table presents operating lease costs and other information as of and for the years ended December 31, 2022 and 2021 (in millions, except as stated):


	Year Ended December 31,			Year Ended December 31,
	2022			2021
Operating lease costs (1)	$	30.0		$	25.6

Lease term and discount rate information:
Weighted average remaining lease term (years)		10.2			11.1
Weighted average discount rate		3.1	%		3.3	%

Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of lease liabilities	$	20.9		$	17.2
Right-of-use assets obtained in exchange for lease liabilities		24.4			14.1

(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, 2022, 2021, and 2020 were $30.0 million, $25.6 million, and $20.2 million, respectively.

The maturities of the lease liabilities are as follows as of December 31, 2022 (in millions):


	December 31,
	2022
2023	$	22.4
2024		17.1
2025		16.0
2026		16.7
2027		14.3
After 2027 (1)		90.6
Total lease payments	$	177.1
Less: Interest		(29.5)
Present value of lease liabilities	$	147.6

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