Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At March 31, 2020, operating lease right-of-use assets were $668.7 million and included in fixed assets, net in the consolidated statements of financial condition, and lease liabilities were $708.5 million and included in accounts payable and accrued expenses in the consolidated statements of financial condition.

The table below summarizes our net lease cost for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Operating lease cost	$	24,395		$	22,346
Short-term lease cost		476			360
Variable lease cost		15			6
Sublease income		(908	)		(1,272	)
Net lease cost	$	23,978		$	21,440

Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.

The table below summarizes other information related to our operating leases as of and for the three months ended March 31, 2020 (in thousands):

Operating lease cash flows	$	23,956
Weighted-average remaining lease term	11.5 years
Weighted-average discount rate		4.56	%

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.

The table below presents information about operating lease liabilities as of March 31, 2020, (in thousands, except percentages).

Remainder of 2020	$	69,890
2021		85,042
2022		83,314
2023		82,885
2024		81,792
Thereafter		529,185
Total undiscounted lease payments		932,108
Imputed interest		(223,606	)
Total operating lease liabilities	$	708,502