Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Leases

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

	Classification	September 30, 2019
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	378,083
Operating lease liabilities	Lease liabilities	488,592
Finance Leases
Property and equipment, gross	Right-of-use assets	3,436
Accumulated depreciation	Right-of-use assets	(932		)
Property and equipment, net		2,504
Finance lease liabilities	Lease liabilities	2,535

Components of Lease Expense and Supplemental Cash Flow Information

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

		Three Months Ended September 30,			Nine Months Ended September 30,
	Classification	2019			2019
		(in thousands)
Operating lease cost	General and administrative	$	26,181		$	79,829
Financing lease cost:
Amortization of right-of-use assets	General and administrative	355			932
Interest on lease liabilities	Interest expense	20			52
Total finance lease cost		375			984
Variable lease cost (1)	General and administrative	10,588			30,337
Sublease income	General and administrative	(14,021		)	(42,472		)
Net lease cost		$	23,123		$	68,678

⁽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	5.38
Finance leases	2.43
Weighted average discount rate
Operating leases	3.51	%
Finance leases	3.14	%

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended September 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	99,490
Operating cash flows from financing leases	52
Financing cash flows from finance leases	901
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	10,565
Finance leases	1,080

⁽¹⁾ Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statements of cash flows.

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2019 (excluding the nine months ended September 30, 2019)	$	28,748		$	377		$	29,125
2020	112,678			1,251			113,929
2021	102,964			607			103,571
2022	89,187			245			89,432
2023	81,972			126			82,098
Thereafter	121,626			23			121,649
Total lease payments	537,175			2,629			539,804
Less interest	(48,583		)	(94		)
Present value of lease liabilities	$	488,592		$	2,535

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2019 (excluding the nine months ended September 30, 2019)	$	28,748		$	377		$	29,125
2020	112,678			1,251			113,929
2021	102,964			607			103,571
2022	89,187			245			89,432
2023	81,972			126			82,098
Thereafter	121,626			23			121,649
Total lease payments	537,175			2,629			539,804
Less interest	(48,583		)	(94		)
Present value of lease liabilities	$	488,592		$	2,535