Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Leases

Leases included in the consolidated statements of financial condition as of December 31, 2022 and 2021 were as follows:

	Classification	December 31, 2022			December 31, 2021
	(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets		$	360,092		$	414,105
Operating lease liabilities	Lease liabilities		415,539			482,781
Finance Leases
Property and equipment, gross	Right-of-use assets		18,116			10,947
Amortization of right-of-use assets	Right-of-use assets		(6,310)			(3,072)
Property and equipment, net			11,806			7,875
Finance lease liabilities	Lease liabilities		11,940			7,954

Components of Lease Expense and Supplemental Cash Flow Information

he components of lease expense included in the consolidated statements of income for the years ended December 31, 2022 and 2021 were as follows:

		Years Ended December 31
	Classification	2022			2021
		(in thousands)
Operating lease cost	General and administrative		$	97,198		$	97,466
Financing lease cost:
Amortization of right-of-use assets	General and administrative		3,860			2,355
Interest on lease liabilities	Interest expense		200			107
Total finance lease cost			4,060			2,462
Variable lease cost (1)	General and administrative		40,552			39,827
Sublease income	General and administrative		(34,420)			(37,317)
Net lease cost			$	107,390		$	102,438

(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	7.35
Finance leases	3.47
Weighted average discount rate:
Operating leases	2.69	%
Finance leases	2.10	%

Supplemental non-cash activity related to leases are as follows:

	Years Ended December 31
	2022			2021
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases		$	38,875		$	82,379
Finance leases		7,791			7,782

(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)
2023		$	97,489		$	4,169		$	101,658
2024		104,596			3,258			107,854
2025		37,319			2,828			40,147
2026		35,808			1,810			37,618
2027		32,821			324			33,145
Thereafter		146,319			—			146,319
Total lease payments		454,352			12,389			$	466,741
Less interest		(38,813)			(449)
Present value of lease liabilities		$	415,539		$	11,940

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)
2023		$	97,489		$	4,169		$	101,658
2024		104,596			3,258			107,854
2025		37,319			2,828			40,147
2026		35,808			1,810			37,618
2027		32,821			324			33,145
Thereafter		146,319			—			146,319
Total lease payments		454,352			12,389			$	466,741
Less interest		(38,813)			(449)
Present value of lease liabilities		$	415,539		$	11,940

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, 2022, are as follows:

	Payments			Sublease Receipts			Net Payments
	(in millions)
2023		$	107.6		$	(31.9)		$	75.7
2024		108.9			(30.9)			78.0
2025		58.3			—			58.3
2026		55.7			—			55.7
2027		51.3			—			51.3
2028 and thereafter		487.7			—			487.7
Total future minimum payments		$	869.5		$	(62.8)		$	806.7