Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases included in the condensed consolidated statement of financial condition as of March 31, 2019 were as follows:



	Classification	March 31, 2019
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	419,247
Operating lease liabilities	Lease liabilities	539,096

Finance Leases
Property and equipment, gross	Right-of-use assets	2,356
Accumulated depreciation	Right-of-use assets	(286		)
Property and equipment, net		2,070
Finance lease liabilities	Lease liabilities	2,074



Lease term and discount rate:
Weighted average remaining lease term (years)
Operating leases	5.69
Finance leases	1.97
Weighted average discount rate
Operating leases	3.49	%
Finance leases	3.14	%

The components of lease expense included in the condensed consolidated statement of income as of March 31, 2019 were as follows:



		Three Months Ended March 31,
	Classification	2019
		(in thousands)
Operating lease cost	General and administrative	$	27,141

Financing lease cost:
Amortization of right-of-use assets	General and administrative	286
Interest on lease liabilities	Interest expense	17
Total finance lease cost		303
Variable lease cost ⁽¹⁾	General and administrative	9,873
Sublease income	General and administrative	(14,463		)
Net lease cost		$	22,854

⁽¹⁾ Variable lease expense includes operating expenses, real estate taxes and employee parking.

Supplemental cash flow information related to leases was as follows:



	Three Months Ended March 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35,728
Operating cash flows from financing leases	17
Financing cash flows from finance leases	282
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	2,289
Finance leases	—

Maturities of lease liabilities were as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2019 (excluding the three months ended March 31, 2019)	$	93,535		$	898		$	94,433
2020	110,711			941			111,652
2021	101,977			297			102,274
2022	88,107			—			88,107
2023	81,356			—			81,356
Thereafter	120,326			—			120,326
Total lease payments	596,012			2,136			598,148
Less interest	(56,916		)	(62		)
Present value of lease liabilities	$	539,096		$	2,074

Maturities of lease liabilities were as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2019 (excluding the three months ended March 31, 2019)	$	93,535		$	898		$	94,433
2020	110,711			941			111,652
2021	101,977			297			102,274
2022	88,107			—			88,107
2023	81,356			—			81,356
Thereafter	120,326			—			120,326
Total lease payments	596,012			2,136			598,148
Less interest	(56,916		)	(62		)
Present value of lease liabilities	$	539,096		$	2,074