The Partnership leases branch office space under numerous operating leases from non-affiliates and financial advisors. Branch offices are generally leased for terms of five years and generally contain a renewal option. Renewal options are not included in the lease term because it is not reasonably certain the Partnership will exercise the renewal option. The Partnership also leases a few of its home office spaces from non-affiliates with terms ranging from 12 to 30 years.

The Partnership recognizes lease liabilities for future lease payments and lease right-of-use assets for the right of use of an underlying asset within a contract. Current leases are all classified as operating leases. Lease right-of-use assets and lease liabilities are recognized on the Consolidated Statements of Financial Condition at commencement date and calculated as the present value of the sum of the remaining fixed lease payments over the lease term. The lease right-of-use asset includes the impact from the timing of lease payments and straight-line rent expense. The Partnership used its incremental borrowing rate based on information available at lease commencement as leases do not contain a readily determinable implicit rate. A single lease cost, or rent expense, is recognized on a straight-line basis over the lease term. The Partnership does not separate lease components (i.e. fixed payments including rent, real estate taxes and insurance costs) from non-lease components (i.e. common-area maintenance) and recognizes them as a single lease component. Variable lease payments not included within lease contracts are expensed as incurred.

For the three months ended March 29, 2019, cash paid for amounts included in the measurement of operating lease liabilities was $67 and lease right-of-use assets obtained in exchange for new operating lease liabilities was $67. As of March 29, 2019, the weighted-average remaining lease term was four years, and the weighted-average discount rate was 3.5%.

For the first quarter of 2019, operating lease cost was $66 and variable lease costs not included in the lease liability were $14, resulting in a total lease cost of $80. The Partnership's future undiscounted cash outflows for operating leases as of March 29, 2019 are summarized below:

2019	$	202
2020		232
2021		184
2022		128
2023		74
Thereafter		60
Total lease payments		880
Less: Interest		71
Total present value of lease liabilities	$	809

While the rights and obligations for leases that have not yet commenced are not significant, the Partnership does continually enter into new branch office leases.