Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 16 years. At June 30, 2020, operating lease right-of-use assets were $674.1 million and included in fixed assets, net in the consolidated statements of financial condition, and lease liabilities were $712.9 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 and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended June 30,
	2020			2019
Operating lease cost	$	23,526		$	22,814
Short-term lease cost		1,826			389
Variable lease cost		27			28
Sublease income		(996	)		(1,213	)
Net lease cost	$	24,383		$	22,018

	Six Months Ended June 30,
	2020			2019
Operating lease cost	$	47,921		$	45,160
Short-term lease cost		2,302			749
Variable lease cost		42			34
Sublease income		(1,904	)		(2,485	)
Net lease cost	$	48,361		$	43,458

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 June 30, 2020 (in thousands):

Operating lease cash flows	$	48,015
Weighted-average remaining lease term	11.9 years
Weighted-average discount rate		4.51	%

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 June 30, 2020, (in thousands, except percentages).

Remainder of 2020	$	44,471
2021		86,038
2022		84,436
2023		83,994
2024		82,808
Thereafter		554,880
Total undiscounted lease payments		936,627
Imputed interest		(223,706	)
Total operating lease liabilities	$	712,921