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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases included in the consolidated statements of financial condition as of December 31, 2019 were as follows:



	Classification	December 31, 2019
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	360,185
Operating lease liabilities	Lease liabilities	465,907

Finance Leases
Property and equipment, gross	Right-of-use assets	3,825
Amortization of right-of-use assets	Right-of-use assets	(1,317		)
Property and equipment, net		2,508
Finance lease liabilities	Lease liabilities	2,544

Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in the consolidated statements of income as of December 31, 2019 were as follows:



		Year Ended December 31,
	Classification	2019
		(in thousands)
Operating lease cost	General and administrative	$	106,085

Financing lease cost:
Amortization of right-of-use assets	General and administrative	1,317
Interest on lease liabilities	Interest expense	71
Total finance lease cost		1,388
Variable lease cost ⁽¹⁾	General and administrative	40,786
Sublease income	General and administrative	(55,522		)
Net lease cost		$	92,737

⁽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	5.23
Finance leases	2.37
Weighted average discount rate:
Operating leases	3.51	%
Finance leases	3.02

Supplemental cash flow information related to leases are as follows:



	Year Ended December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	132,669
Operating cash flows from financing leases	71
Financing cash flows from finance leases	1,281
Right-of-use assets obtained in exchange for lease obligations⁽¹⁾:
Operating leases	11,108
Finance leases	1,469

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

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities are as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2020	$	110,178		$	1,385		$	111,563
2021	104,644			741			105,385
2022	90,363			356			90,719
2023	82,806			126			82,932
2024	79,625			23			79,648
Thereafter	43,162			—			43,162
Total lease payments	510,778			2,631			$	513,409
Less interest	(44,871		)	(87		)
Present value of lease liabilities	$	465,907		$	2,544

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities are as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2020	$	110,178		$	1,385		$	111,563
2021	104,644			741			105,385
2022	90,363			356			90,719
2023	82,806			126			82,932
2024	79,625			23			79,648
Thereafter	43,162			—			43,162
Total lease payments	510,778			2,631			$	513,409
Less interest	(44,871		)	(87		)
Present value of lease liabilities	$	465,907		$	2,544

The future minimum payments under non-cancelable leases, sublease commitments and related payments we are obligated to make, net of sublease commitments of third party lessees to make payments to us, as of December 31, 2019, are as follows:



	Payments		Sublease Receipts		Net Payments
	(in millions)
2020	$	117.1	$	33.8	$	83.3
2021	115.1		34.4		80.7
2022	102.0		31.5		70.5
2023	94.5		31.0		63.5
2024	91.2		30.4		60.8
2025 and thereafter	619.2		—		619.2
Total future minimum payments	$	1,139.1	$	161.1	$	978.0