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Leases (Tables)

12 Months Ended

Dec. 31, 2023

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


	Classification	December 31, 2023			December 31, 2022
	(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets		$	312,588		$	360,092
Operating lease liabilities	Lease liabilities		357,623			415,539
Finance Leases
Property and equipment, gross	Right-of-use assets		18,975			18,116
Amortization of right-of-use assets	Right-of-use assets		(7,797)			(6,310)
Property and equipment, net			11,178			11,806
Finance lease liabilities	Lease liabilities		11,394			11,940

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, 2023 and 2022 were as follows:


		Years Ended December 31
	Classification	2023			2022
		(in thousands)
Operating lease cost	General and administrative		$	94,784		$	97,198

Financing lease cost:
Amortization of right-of-use assets	General and administrative		4,779			3,860
Interest on lease liabilities	Interest expense		348			200
Total finance lease cost			5,127			4,060
Variable lease cost (1)	General and administrative		35,525			40,552
Sublease income	General and administrative		(33,577)			(34,420)
Net lease cost			$	101,859		$	107,390

(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	7.34
Finance leases	2.97
Weighted average discount rate:
Operating leases	2.89	%
Finance leases	3.22	%

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


	Years Ended December 31
	2023			2022
	(in thousands)




Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases		$	32,407		$	38,875
Finance leases		4,106			7,791

(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)
2024		$	108,380		$	4,415		$	112,795
2025		42,695			3,985			46,680
2026		40,568			2,554			43,122
2027		37,973			881			38,854
2028		31,698			137			31,835
Thereafter		132,647			—			132,647
Total lease payments		393,961			11,972			$	405,933
Less interest		(36,338)			(578)
Present value of lease liabilities		$	357,623		$	11,394

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)
2024		$	108,380		$	4,415		$	112,795
2025		42,695			3,985			46,680
2026		40,568			2,554			43,122
2027		37,973			881			38,854
2028		31,698			137			31,835
Thereafter		132,647			—			132,647
Total lease payments		393,961			11,972			$	405,933
Less interest		(36,338)			(578)
Present value of lease liabilities		$	357,623		$	11,394

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, 2023, are as follows:


	Payments			Sublease Receipts			Net Payments
	(in millions)
2024		$	104.4		$	(31.0)		$	73.4
2025		64.6			0.3			64.9
2026		60.9			(0.2)			60.7
2027		56.6			—			56.6
2028		49.6			—			49.6
2029 and thereafter		458.9			—			458.9
Total future minimum payments		$	795.0		$	(30.9)		$	764.1