The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of March 31, 2020. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets and the Company recognizes lease expense in facilities costs within the condensed consolidated statements of income for these leases on a straight-line basis over the lease term. 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. As the implicit rate in the Company’s leases are generally not reasonably determinable, the Company applies an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. During the three months ended March 31, 2020, an additional $64.2 million of right of use assets and

$84.7 million of lease liabilities were added related to new operating leases. Additionally, the Company recognized $20.4 million related to leasehold improvement incentives paid by the lessor.

In September 2019, the Company signed a new lease to secure approximately 185,000 square feet of office space within the Old Post Office building in Chicago, Illinois, which will serve as the Company’s new global headquarters. The initial term of the lease will be 187 months from the accounting commencement date, January 13, 2020. 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 $98.8 million. See Note 6 (“Property and Equipment, Net”) for information on the current headquarters location.

Additionally, in September 2019, the Company signed a new lease to secure approximately 40,000 square feet of office space within the Chicago Board of Trade Building in Chicago, Illinois, where the Company plans to build a new trading floor and office space. The initial term of the lease will be 150 months from the accounting commencement date, May 1, 2020. 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 $17.1 million.

The following table presents the supplemental balance sheet information related to leases as of March 31, 2020 and December 31, 2019, respectively (in millions):

The following table presents operating lease costs and other information as of and for the three months ended March 31, 2020 and 2019, respectively (in millions, except as stated):

(1)	Includes short-term lease and variable lease costs, which are immaterial.

(2)	Excludes right-of-use assets and lease liabilities recognized upon adoption of the lease accounting standard in 2019 of $40.3 million and $42.8 million, respectively.

The maturities of the lease liabilities are as follows as of March 31, 2020 (in millions):


	March 31,
	2020
Remainder of 2020	$	10.1
2021		16.3
2022		15.6
2023		14.3
2024		10.1
After 2024		108.7
Total lease payments (1)	$	175.1
Less: Interest		(37.2)
Present value of lease liabilities	$	137.9

(1)	Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $17.1 million of legally binding lease payments for leases signed but will commence after March 31, 2020.