Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of ROU Assets and Lease Liabilities

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019.

	December 31,
	2020		2019
	(in thousands)
ROU assets:
Operating leases	$	251,293	$	284,255
Finance leases	760		874
Total	$	252,053	$	285,129
Lease liabilities:
Operating leases	$	275,248	$	308,060
Finance leases	1,427		1,789
Total	$	276,675	$	309,849

Components of Total Lease Cost, Supplemental Cash Flow, and Supplemental Information

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019:

	2020		2019
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	363	$	291
Interest on lease liabilities	146		191
Operating lease cost	36,094		34,175
Short-term lease cost	783		410
Variable lease cost	4,296		3,573
Sublease income	(2,520)		(3,422)
Total lease cost (included in net occupancy and equipment expense)	$	39,162	$	35,218

The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019:

	2020		2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35,943	$	34,380
Operating cash flows from finance leases	146		192
Financing cash flows from finance leases	612		492

The following table presents supplemental information related to leases at December 31, 2020 and 2019:

	December 31,
	2020		2019
Weighted-average remaining lease term
Operating leases	12.3 years		12.8 years
Finance leases	2.0 years		3.0 years
Weighted-average discount rate
Operating leases	3.56	%	3.68	%
Finance leases	7.45	%	8.25	%

Sales-type Leases

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2021	$	188,580	$	35,175	$	769
2022	166,076		32,788		769
2023	139,589		29,288		11
2024	103,498		28,036		—
2025	59,049		26,991		—
Thereafter	40,126		194,732		—
Total lease payments	696,918		347,010		1,549
Less: present value discount	(53,369)		(71,762)		(122)
Total	$	643,549	$	275,248	$	1,427

Direct Financing Leases

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2021	$	188,580	$	35,175	$	769
2022	166,076		32,788		769
2023	139,589		29,288		11
2024	103,498		28,036		—
2025	59,049		26,991		—
Thereafter	40,126		194,732		—
Total lease payments	696,918		347,010		1,549
Less: present value discount	(53,369)		(71,762)		(122)
Total	$	643,549	$	275,248	$	1,427

Finance Leases Maturity

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2021	$	188,580	$	35,175	$	769
2022	166,076		32,788		769
2023	139,589		29,288		11
2024	103,498		28,036		—
2025	59,049		26,991		—
Thereafter	40,126		194,732		—
Total lease payments	696,918		347,010		1,549
Less: present value discount	(53,369)		(71,762)		(122)
Total	$	643,549	$	275,248	$	1,427

Operating Lease Maturity

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2021	$	188,580	$	35,175	$	769
2022	166,076		32,788		769
2023	139,589		29,288		11
2024	103,498		28,036		—
2025	59,049		26,991		—
Thereafter	40,126		194,732		—
Total lease payments	696,918		347,010		1,549
Less: present value discount	(53,369)		(71,762)		(122)
Total	$	643,549	$	275,248	$	1,427