Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases included in the condensed consolidated statement of financial condition as of June 30, 2019 were as follows:



	Classification	June 30, 2019
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	397,187
Operating lease liabilities	Lease liabilities	513,875

Finance Leases
Property and equipment, gross	Right-of-use assets	2,356
Accumulated depreciation	Right-of-use assets	(577		)
Property and equipment, net		1,779
Finance lease liabilities	Lease liabilities	1,789

The components of lease expense included in the condensed consolidated statement of income as of June 30, 2019 were as follows:



		Three Months Ended June 30,			Six Months Ended June 30,
	Classification	2019			2019
		(in thousands)
Operating lease cost	General and administrative	$	26,506		$	53,648

Financing lease cost:
Amortization of right-of-use assets	General and administrative	291			577
Interest on lease liabilities	Interest expense	15			32
Total finance lease cost		306			609
Variable lease cost ⁽¹⁾	General and administrative	9,876			19,749
Sublease income	General and administrative	(13,988		)	(28,451		)
Net lease cost		$	22,700		$	45,555

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



Lease term and discount rate:
Weighted average remaining lease term (years)
Operating leases	5.53
Finance leases	1.75
Weighted average discount rate
Operating leases	3.5	%
Finance leases	3.14	%

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	69,309
Operating cash flows from financing leases	32
Financing cash flows from finance leases	567
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	4,156
Finance leases	—

Maturities of lease liabilities were as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2019 (excluding the six months ended June 30, 2019)	$	63,580		$	599		$	64,179
2020	111,011			941			111,952
2021	102,040			296			102,336
2022	88,118			—			88,118
2023	81,395			—			81,395
Thereafter	120,111			—			120,111
Total lease payments	566,255			1,836			568,091
Less interest	(52,380		)	(47		)
Present value of lease liabilities	$	513,875		$	1,789

Maturities of lease liabilities were as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2019 (excluding the six months ended June 30, 2019)	$	63,580		$	599		$	64,179
2020	111,011			941			111,952
2021	102,040			296			102,336
2022	88,118			—			88,118
2023	81,395			—			81,395
Thereafter	120,111			—			120,111
Total lease payments	566,255			1,836			568,091
Less interest	(52,380		)	(47		)
Present value of lease liabilities	$	513,875		$	1,789