Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Leases

Leases included in the condensed consolidated statement of financial condition as of March 31, 2023 and December 31, 2022 were as follows:

	Classification	March 31, 2023		December 31, 2022
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	344,293	$	360,092
Operating lease liabilities	Lease liabilities	398,686		415,539
Finance Leases
Property and equipment, gross	Right-of-use assets	18,701		18,116
Amortization of right-of-use assets	Right-of-use assets	(7,386)		(6,310)
Property and equipment, net		11,315		11,806
Finance lease liabilities	Lease liabilities	11,063		11,940

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, 2023 and March 31, 2022 were as follows:

			Three Months Ended March 31,
	Classification		2023		2022
		(in thousands)
Operating lease cost	General and administrative		$	23,164	$	24,525
Financing lease cost:
Amortization of right-of-use assets	General and administrative		1,076		740
Interest on lease liabilities	Interest expense		65		37
Total finance lease cost			1,141		777
Variable lease cost (1)	General and administrative		8,867		10,687
Sublease income	General and administrative		(8,260)		(8,561)
Net lease cost			$	24,912	$	27,428

(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	7.28
Finance leases	3.23
Weighted average discount rate:
Operating leases	2.70	%
Finance leases	2.29	%

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

	Three Months Ended March 31,
	2023	2022
	(in thousands)
Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	3,390	7,719
Finance leases	585	2,569

(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement 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)
2023 (excluding the three months ended March 31, 2023)	$	74,188	$	2,853	$	77,041
2024	105,833		3,468		109,301
2025	38,128		3,039		41,167
2026	36,546		1,810		38,356
2027	33,578		324		33,902
Thereafter	147,132		—		147,132
Total lease payments	435,405		11,494		446,899
Less interest	(36,719)		(431)
Present value of lease liabilities	$	398,686	$	11,063

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)
2023 (excluding the three months ended March 31, 2023)	$	74,188	$	2,853	$	77,041
2024	105,833		3,468		109,301
2025	38,128		3,039		41,167
2026	36,546		1,810		38,356
2027	33,578		324		33,902
Thereafter	147,132		—		147,132
Total lease payments	435,405		11,494		446,899
Less interest	(36,719)		(431)
Present value of lease liabilities	$	398,686	$	11,063