The Company, acting as a lessee, has operating leases primarily relating to office space, data centers and office equipment. The leases have remaining lease terms of 0.1 year to 19.9 years, some of which include options to extend the leases in 1 to 10 year increments for up to 10 years. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. Certain leases also include periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and, where relevant, variable rental payments tied to an index, such as the Consumer Price Index. Payments for leases in place before the date of adoption of ASC 842, Leases were determined based on previous leases guidance. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement is recognized as incurred. All leases were classified as operating leases as of September 30, 2019.

Pursuant to the accounting policy election, leases with an initial term of twelve months or less are not recognized on the balance sheet. The short-term lease expense over the period reasonably reflects the Company’s short-term lease commitments.

ASC 842, Leases requires the Company to make certain assumptions and judgements in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancelation provisions, and determining the discount rate.

The Company determines whether an arrangement is a lease or includes a lease at the contract inception by evaluating whether the contract conveys the right to the control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from, and can direct the use of, the identified asset for a period of time, the Company accounts for the identified asset as a lease. The Company has elected the practical expedient to not separate lease and non-lease components for all leases other than real estate leases. The primary non-lease component that is combined with a lease component represents operating expenses such as utilities, maintenance or management fees.

As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption date of the new leases standard in determining the present value of lease payments for existing leases. BGC will use information available at the lease commencement date to determine the discount rate for any new leases.

The Company subleases certain real estate to its affiliates and to third parties. The value of these commitments is not material to the Company’s unaudited condensed consolidated financial statements.

As of September 30, 2019, the Company did not have any leases that have not yet commenced but that create significant rights and obligations.

Supplemental information related to the Company’s operating leases is as follows (in thousands):

	Classification in Unaudited Condensed Consolidated Statements of Financial Condition	September 30, 2019
Assets
Operating lease right-of-use assets	Other assets	$	168,338
Liabilities
Operating lease liabilities	Accounts payable, accrued and other liabilities	$	186,177

	September 30, 2019
Weighted-average remaining lease term
Operating leases (years)		7.2
Weighted-average discount rate
Operating leases		5.6	%

Classification in

Unaudited Condensed

Consolidated Statements

of Operations

Three Months Ended September 30, 2019

Nine Months Ended September 30, 2019

Operating lease cost

Occupancy and

equipment

11,876

36,013

The following table shows the Company’s maturity analysis of its operating lease liabilities as of September 30, 2019 (in thousands):

2019	$	10,440
2020		31,691
2021		24,484
2022		26,181
2023		21,985
Thereafter		136,142
Total	$	250,923
Interest		(64,746	)
Total	$	186,177

The following table shows cash flow information related to lease liabilities (in thousands):

		Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
Cash paid for obligations included in the measurement of lease liabilities		$	11,033			$	33,937

Under the prior lease guidance, undiscounted minimum lease payments as of December 31, 2018 were as follows (in thousands):

2019	$	40,254
2020		25,510
2021		24,548
2022		28,053
2023		26,346
Thereafter		152,884
Total	$	297,595