Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases included in the condensed consolidated statement of financial condition as of June 30, 2020 and December 31, 2019 were as follows:



	Classification	June 30, 2020			December 31, 2019
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	314,422		$	360,185
Operating lease liabilities	Lease liabilities	413,196			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	(1,866		)	(1,317		)
Property and equipment, net		3,301			2,508
Finance lease liabilities	Lease liabilities	3,281			2,544



Lease term and discount rate:
Weighted average remaining lease term (years)
Operating leases	4.94
Finance leases	2.70
Weighted average discount rate
Operating leases	3.51	%
Finance leases	2.69	%

The components of lease expense included in the condensed consolidated statement of income as of June 30, 2020 and June 30, 2019 were as follows:



		Three Months Ended June 30,						Six Months Ended June 30,
	Classification	2020			2019			2020			2019
		(in thousands)
Operating lease cost	General and administrative	$	22,411		$	26,506		$	45,415		$	53,648

Financing lease cost:
Amortization of right-of-use assets	General and administrative	426			291			903			577
Interest on lease liabilities	Interest expense	23			15			49			32
Total finance lease cost		449			306			952			609
Variable lease cost ⁽¹⁾	General and administrative	9,833			9,876			19,310			19,749
Sublease income	General and administrative	(9,626		)	(13,988		)	(19,241		)	(28,451		)
Net lease cost		$	23,067		$	22,700		$	46,436		$	45,555

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

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30,
	2020			2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	58,107		$	69,309
Operating cash flows used for financing leases	49			32
Financing cash flows from finance leases	959			567
Right-of-use assets obtained in exchange for lease obligations⁽¹⁾:
Operating leases ⁽²⁾	(1,223		)	4,156
Finance leases	1,695			—

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

⁽²⁾ Represents net non-cash activity of extensions and reductions of lease obligations.

Maturities of lease liabilities were as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2020 (excluding the six months ended June 30, 2020)	$	51,618		$	942		$	52,560
2021	103,752			1,142			104,894
2022	89,650			757			90,407
2023	82,532			526			83,058
2024	79,612			23			79,635
Thereafter	43,017			—			43,017
Total lease payments	450,181			3,390			453,571
Less interest	(36,985		)	(109		)
Present value of lease liabilities	$	413,196		$	3,281

Maturities of lease liabilities were as follows:



	Operating Leases			Financing Leases			Total
Year ending December 31,	(in thousands)
2020 (excluding the six months ended June 30, 2020)	$	51,618		$	942		$	52,560
2021	103,752			1,142			104,894
2022	89,650			757			90,407
2023	82,532			526			83,058
2024	79,612			23			79,635
Thereafter	43,017			—			43,017
Total lease payments	450,181			3,390			453,571
Less interest	(36,985		)	(109		)
Present value of lease liabilities	$	413,196		$	3,281