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Leases | 12 Months Ended
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Dec. 31, 2022
Leases | 14. Leases Blackstone enters into non-cancelable lease and sublease agreements primarily for office space, which expire on various dates through 2043. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord, and are recognized on a straight-line basis over the term of the lease agreement. Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes and insurance. At December 31, 2022 and 2021, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $12.3 million and $9.4 million, respectively. As of December 31, 2022, the weighted-average remaining lease term was 6.8 years, and the weighted-average discount rate was 1.5%. The components of lease expense were as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Operating Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Straight-Line Lease Cost (a) |  | $ | 139,740 |  |  | $ | 115,875 |  |  | $ | 107,970 |
Variable Lease Cost (b) |  |  | 12,072 |  |  |  | 10,959 |  |  |  | 15,426 |
Sublease Income |  |  | (888 | ) |  |  | (1,695 | ) |  |  | (2,191 | )
|  | $ | 150,924 |  |  | $ | 125,139 |  |  | $ | 121,205 |
(a) | Straight-line lease cost includes short-term leases, which are immaterial.
(b) | Variable lease cost approximates variable lease cash payments.
Supplemental cash flow information related to leases were as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Operating Cash Flows for Operating Lease Liabilities |  | $ | 107,249 |  |  | $ | 96,007 |  |  | $ | 102,364 |
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  | $ | 278,010 |  |  | $ | 352,298 |  |  | $ | 153,433 |
The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2022:
2023 |  | $ | 142,159 |
2024 |  |  | 151,807 |
2025 |  |  | 163,407 |
2026 |  |  | 161,642 |
2027 |  |  | 158,244 |
Thereafter |  |  | 296,207 |
Total Lease Payments (a) |  |  | 1,073,466 |
Less: Imputed Interest |  |  | (52,012 | )
Present Value of Operating Lease Liabilities |  | $ | 1,021,454 |
(a) | Excludes signed leases that have not yet commenced.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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