Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

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 13 years. The Company incurred operating lease cost, excluding property taxes, utilities and other ancillary costs, of $14.7 million, $13.8 million and $18.5 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022 are as follows:

	(in thousands)
2023	$	12,348
2024	12,732
2025	14,006
2026	12,200
2027	12,270
Thereafter	78,386
Total lease payments	141,942
Plus: tenant incentive utilized to finance leasehold improvements	9,819
Less: Interest	(44,124)
Present value of operating lease liabilities for which the Company has a right-of-use asset and corresponding liability	$	107,637

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

	As of December 31,
	2022		2021
Weighted average remaining lease term in years, including the lease for which the right to use has not commenced	10.8		11.5
Weighted average discount rate	6.9	%	6.8	%