Leases

The Company leases office space for its operations around the globe. Certain leases include options to renew, which can be exercised at our sole discretion. We determine if a contract contains a lease at contract inception. Operating lease assets represent our right to use the underlying asset and operating lease liabilities represent our obligation to make lease payments. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When determining the lease term, we generally do not include options to renew as it is not reasonably certain at contract inception that we will exercise the option(s). We use the implicit rate when readily determinable and our incremental borrowing rate when the implicit rate is not readily determinable. Our incremental borrowing rate is determined using our secured borrowing rate and giving consideration to the currency and term of the associated lease as appropriate.

The lease payments used to determine our operating lease assets may include lease incentives, stated rent increases and escalation clauses linked to rates of inflation when determinable and are recognized in our operating lease assets in our condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Straight-lining rent expense creates deferred rent, which is included in operating lease liabilities on the condensed consolidated statement of financial position, and results in differences in the operating lease right-of-use asset and operating lease obligations.

All of the Company’s leases are operating leases and have remaining lease terms ranging from less than 1 year to 9 years. The Company incurred operating lease cost, excluding property taxes, utilities and other ancillary costs, of $3.8 million for the three months ended March 31, 2019, which is included in occupancy and equipment rental in the condensed consolidated statement of operations.

As of March 31, 2019, the undiscounted aggregate minimum future rental payments are as follows:



	(in thousands)
2019 (remainder)	$	11,912
2020	13,581
2021	5,180
2022	3,649
2023	3,006
Thereafter	4,821
Total lease payments	$	42,149
Less: Interest	(4,253		)
Present value of operating lease liabilities	$	37,896

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:



	As of March 31, 2019
Weighted average remaining lease term in years	3.8
Weighted average discount rate	5.8	%

As of December 31, 2018, the approximate aggregate minimum future rental payments required as presented under the historical leasing standard in ASC 840 were as follows (in thousands):



2019	$	15,872
2020	13,535
2021	5,153
2022	3,768
2023	3,000
Thereafter	4,629
Total	$	45,957