Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Supplemental Information Related to Operating Leases

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, 20211		December 31, 2020
Assets
Operating lease ROU assets	Other assets	$	134,342	$	165,969
Finance lease ROU assets	Fixed assets, net	$	503	$	—
Liabilities
Operating lease liabilities	Accounts payable, accrued and other liabilities	$	163,887	$	190,207
Finance lease liabilities	Accounts payable, accrued and other liabilities	$	507	$	—

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1.The Company reclassified $7.3 million of operating lease ROU assets, and $7.4 million of operating lease liabilities as Assets held for sale and Liabilities held for sale, respectively.

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

	September 30, 2021		December 31, 2020
Weighted-average remaining lease term
Operating leases (years)	11.0		10.5
Finance leases (years)	4.6		—
Weighted-average discount rate
Operating leases	4.9	%	4.9	%
Finance leases	3.1	%	—	%

Schedule of Components of Lease Expense

The components of lease expense are as follows (in thousands):

	Classification in Unaudited Condensed Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020
Operating lease cost1	Occupancy and equipment	$	10,245	$	10,515	$	30,760	$	31,179
Finance lease cost
Amortization on ROU assets	Occupancy and equipment	$	27	$	—	$	45	$	—
Interest on lease liabilities	Interest expense	$	4	$	—	$	7	$	—

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1.The Company recorded operating lease costs related to the Insurance brokerage business of $0.9 million and $3.1 million for the three and nine months ended September 30, 2021.

Schedule of Maturity Analysis of Operating Lease Liabilities

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

	September 30, 2021
	Operating leases		Finance leases
2021 (excluding the nine months ended September 30, 2021)	$	8,688	$	30
2022	31,539		119
2023	26,442		119
2024	21,824		119
2025	17,367		119
Thereafter	113,500		40
Total	$	219,360	$	546
Interest	$	(55,473)	$	(39)
Total	$	163,887	$	507

Schedule of Maturity Analysis of Finance Lease Liabilities

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

	September 30, 2021
	Operating leases		Finance leases
2021 (excluding the nine months ended September 30, 2021)	$	8,688	$	30
2022	31,539		119
2023	26,442		119
2024	21,824		119
2025	17,367		119
Thereafter	113,500		40
Total	$	219,360	$	546
Interest	$	(55,473)	$	(39)
Total	$	163,887	$	507

Schedule of Cash Flow Information Related to Lease Liabilities

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for obligations included in the measurement of operating lease liabilities1	$	9,681	$	8,913	$	26,604	$	28,937
Cash paid for obligations included in the measurement of finance lease liabilities	$	30	$	—	$	50	$	—

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1.The Company made payments for operating lease liabilities related to the Insurance brokerage business of $946 thousand and $3,225 thousand for the three and nine months ended September 30, 2021.