Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2021 and 2020:

	December 31,
	2021		2020
	(in thousands)
Operating lease right-of-use assets	$	20,496	$	29,437
Operating lease liabilities	$	24,331	$	34,463

Activity related to the Company’s leases for the years ended December 31, 2021, 2020 and 2019 is as follows:

	Year Ended
	December 31,
	2021		2020		2019
	(in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	10,624	$	10,439	$	10,265
Cash for amounts included in the measurement of operating lease liability	$	11,736	$	12,060	$	11,667

 

At December 31, 2021 and 2020, the weighted average borrowing rate and weighted average remaining lease term are as follows:

	December 31,
	2021		2020
Weighted average borrowing rate	2.8	%	2.9	%
Weighted average remaining lease term (years)	4.4		4.7

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2021:

	Amount
	(in thousands)
2022	$	8,104
2023	5,653
2024	4,405
2025	2,690
2026	2,544
Thereafter	2,544
Total future lease payments	25,940
Less imputed interest	(1,609)
Lease liability	$	24,331

As of December 31, 2021, one U.S. lease is secured by a $0.5 million letter of credit issued under the Company’s Credit Facility (as defined in Note 17 – Commitments and Contingencies). As of December 31, 2020, this lease was secured by a letter of credit in the amount of $1.2 million, which was guaranteed by Refinitiv. During the year ended December 31, 2021, the letter of credit guaranteed by Refinitiv was replaced with the letter of credit issued under the Company’s Credit Facility.