Leases

12 Months Ended

Dec. 31, 2021

Note 16 — Leases

The Company leases office space for its operations around the globe. All of the Company’s leases are operating leases and have remaining lease terms ranging from less than 1 year to 14 years. The Company incurred operating lease cost, excluding property taxes, utilities and other ancillary costs, of $13.8 million, $18.5 million and $15.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in occupancy and equipment rental in the consolidated statements of operations.

The undiscounted aggregate minimum future rental payments as of December 31, 2021 are as follows:


	(in thousands)
2022	$	13,583
2023	11,755
2024	10,976
2025	12,414
2026	11,016
Thereafter	88,121
Total lease payments	147,865
Less: minimum future rental payments for which the lease has not commenced (1)	(26,542)
Total lease payments for which the Company has a right-of use-asset and corresponding liability	121,323
Plus: tenant incentive utilized to finance leasehold improvements	10,560
Less: Interest	(39,192)
Present value of operating lease liabilities for which the Company has a right-of-use asset and corresponding liability	$	92,691

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(1) In December 2021, the Company entered into a new office lease in London for a 10 year term commencing with its right to use the premises in 2022. As such the lease is not included in operating lease right of use assets and operating lease obligations on the consolidated statement of financial condition as of December 31, 2021.

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


	As of December 31,
	2021		2020
Weighted average remaining lease term in years, including the lease for which the right to use has not commenced	11.5		12.7
Weighted average discount rate	6.8	%	6.8	%