Leases

12 Months Ended

Dec. 31, 2019

Note 16 — Leases

The Company leases office space for its operations around the globe.

On May 16, 2019, the Company entered into a new Office Lease (the “Lease”) for its new principal executive offices in New York, N.Y. Rental payments are scheduled to commence on November 1, 2020 and shall continue for a term of 15 years and 3 months. As of December 31, 2019, the Lease is not included in operating lease right-of-use assets and operating lease obligations on the consolidated statement of financial condition as the Company does not yet have the right to use the premises.

All of the Company’s leases are operating leases and have remaining lease terms ranging from less than 1 year to 15.3 years. The Company incurred operating lease cost, excluding property taxes, utilities and other ancillary costs, of $15.3 million, $15.0 million and $15.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, which is included in occupancy and equipment rental in the condensed consolidated statements of operations.

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


	(in thousands)
2020	$	15,789
2021	13,374
2022	11,795
2023	10,523
2024	9,602
Thereafter	88,757
Total lease payments	149,840
Less: minimum future rental payments for which the lease has not commenced	(115,870)
Total lease payments for which the Company has a right-of use-asset and corresponding liability	33,970
Less: Interest	(3,220)
Present value of operating lease liabilities for which the Company has a right-of-use asset and corresponding liability	$	30,750

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


	As of December 31, 2019
Weighted average remaining lease term in years, including the lease for which the right to use has not commenced	12.1
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 lease payments	$	45,957