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Operating Leases
9 Months Ended
Sep. 30, 2019
Lessee Disclosure [Abstract]  
Operating Leases

NOTE 17 – Operating Leases

The table below presents information about operating lease liabilities as of September 30, 2019, (in thousands, except percentages).

Remainder of 2019

 

$

22,331

 

2020

 

 

86,712

 

2021

 

 

81,631

 

2022

 

 

80,779

 

2023

 

 

79,830

 

Thereafter

 

 

537,119

 

Total undiscounted lease payments

 

 

888,402

 

Imputed interest

 

 

(215,274

)

Total operating lease liabilities

 

$

673,128

 

Weighted average remaining lease term

 

11.4 years

 

Weighted average discount rate

 

 

4.60

%

 

In the table above, the weighted average discount rate represents our company’s incremental borrowing rate as of January 2019 for leases existing on the date of adoption of the new lease standard and at the lease inception date for leases entered into subsequent to the adoption of ASU 2016-02.

Operating lease costs, included in occupancy and equipment rental in the consolidated statements of operations, were $22.1 million and $21.5 million for the three months ended September 30, 2019 and 2018, respectively. Operating lease costs were $65.6 million and $65.6 million for the nine months ended September 30, 2019 and 2018, respectively.

As of September 30, 2019, the Company had a total lease portfolio of 13 aircraft engines with a net book value of $179.1 million, which is included in fixed assets, net in the consolidated statements of financial condition.

As of September 30, 2019, minimum future payments under non-cancelable leases were (in thousands):

Remainder of 2019

 

$

6,531

 

2020

 

 

24,598

 

2021

 

 

20,162

 

2022

 

 

11,980

 

2023

 

 

6,865

 

Thereafter

 

 

11,737

 

 

 

$

81,873

 

Lease income, included in other income in the consolidated statements of operations, was $5.2 million and $18.5 million for the three and nine months ended September 30, 2019, respectively.