Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Leases

Leases included in the condensed consolidated statement of financial condition as of March 31, 2020 and December 31, 2019 were as follows:

	Classification	March 31, 2020			December 31, 2019
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	337,933		$	360,185
Operating lease liabilities	Lease liabilities	438,854			465,907
Finance Leases
Property and equipment, gross	Right-of-use assets	5,167			3,825
Amortization of right-of-use assets	Right-of-use assets	(1,440		)	(1,317		)
Property and equipment, net		3,727			2,508
Finance lease liabilities	Lease liabilities	3,736			2,544

Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in the condensed consolidated statement of income as of March 31, 2020 and March 31, 2019 were as follows:

		Three Months Ended March 31,
	Classification	2020			2019
		(in thousands)
Operating lease cost	General and administrative	$	23,004		$	27,141
Financing lease cost:
Amortization of right-of-use assets	General and administrative	477			286
Interest on lease liabilities	Interest expense	26			17
Total finance lease cost		503			303
Variable lease cost (1)	General and administrative	9,477			9,873
Sublease income	General and administrative	(9,615		)	(14,463		)
Net lease cost		$	23,369		$	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,
	2020		2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,698	$	35,728
Operating cash flows from financing leases	26		17
Financing cash flows from finance leases	504		282
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	—		2,289
Finance leases	1,695		—

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

Lease term and discount rate:
Weighted average remaining lease term (years)
Operating leases	5.04
Finance leases	2.87
Weighted average discount rate
Operating leases	3.52	%
Finance leases	2.71	%

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)
2020 (excluding the three months ended March 31, 2020)	$	81,317		$	1,420		$	82,737
2021	103,630			1,142			104,772
2022	89,572			757			90,329
2023	82,505			526			83,031
2024	79,600			23			79,623
Thereafter	42,974			—			42,974
Total lease payments	479,598			3,868			483,466
Less interest	(40,744		)	(132		)
Present value of lease liabilities	$	438,854		$	3,736

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)
2020 (excluding the three months ended March 31, 2020)	$	81,317		$	1,420		$	82,737
2021	103,630			1,142			104,772
2022	89,572			757			90,329
2023	82,505			526			83,031
2024	79,600			23			79,623
Thereafter	42,974			—			42,974
Total lease payments	479,598			3,868			483,466
Less interest	(40,744		)	(132		)
Present value of lease liabilities	$	438,854		$	3,736