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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of ROU Assets and Lease Liabilities
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2023 and 2022.
December 31,
20232022
(in thousands)
ROU assets:
Operating leases $343,442 $306,317 
Finance leases19 35 
Total$343,461 $306,352 
Lease liabilities:
Operating leases $403,766 $358,851 
Finance leases15 33 
Total$403,781 $358,884 
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, 2023, 2022, and 2021:
202320222021
(in thousands)
Finance lease cost:
Amortization of ROU assets$16 $379 $378 
Interest on lease liabilities— 30 91 
Operating lease cost48,241 42,268 34,842 
Short-term lease cost1,930 874 700 
Variable lease cost177 4,647 3,417 
Sublease income(3,303)(2,982)(3,044)
Total lease cost (primarily included in net occupancy expense)$47,061 $45,216 $36,384 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2023, 2022, and 2021:
202320222021
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$49,007 $43,768 $35,173 
Operating cash flows from finance leases— 30 91 
Financing cash flows from finance leases18 745 681 
The following table presents supplemental information related to leases at December 31, 2023 and 2022:
December 31,
20232022
Weighted-average remaining lease term
Operating leases12.5 years10.8 years
Finance leases2.6 years2.3 years
Weighted-average discount rate
Operating leases3.76 %3.29 %
Finance leases1.49 %1.39 %
Sales-type Leases
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2023:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2024$272,724 $50,526 $7 
2025225,289 48,409 6 
2026177,931 49,440 2 
2027113,326 44,327 1 
202858,080 42,555 — 
Thereafter29,681 287,105 — 
Total lease payments877,032 522,362 16 
Less: present value discount(79,583)(118,596)(1)
Total $797,449 $403,766 $15 
Direct Financing Leases
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2023:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2024$272,724 $50,526 $7 
2025225,289 48,409 6 
2026177,931 49,440 2 
2027113,326 44,327 1 
202858,080 42,555 — 
Thereafter29,681 287,105 — 
Total lease payments877,032 522,362 16 
Less: present value discount(79,583)(118,596)(1)
Total $797,449 $403,766 $15 
Finance Leases Maturity
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2023:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2024$272,724 $50,526 $7 
2025225,289 48,409 6 
2026177,931 49,440 2 
2027113,326 44,327 1 
202858,080 42,555 — 
Thereafter29,681 287,105 — 
Total lease payments877,032 522,362 16 
Less: present value discount(79,583)(118,596)(1)
Total $797,449 $403,766 $15 
Operating Lease Maturity
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2023:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2024$272,724 $50,526 $7 
2025225,289 48,409 6 
2026177,931 49,440 2 
2027113,326 44,327 1 
202858,080 42,555 — 
Thereafter29,681 287,105 — 
Total lease payments877,032 522,362 16 
Less: present value discount(79,583)(118,596)(1)
Total $797,449 $403,766 $15