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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | Leases Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company reflects lease expense over the lease terms on a straight-line basis. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. The Company does not have any leases with variable lease payments. Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $12,334 and $24,500 for the three and six months ended June 30, 2021, respectively, and $12,108 and $24,024 for the three and six months ended June 30, 2020, respectively, and variable lease cost of $1,766 and $3,618 for the three and six months ended June 30, 2021, respectively, and $1,132 and $2,855 for the three and six months ended June 30, 2020, respectively. On June 10, 2021, the Company entered into lease agreements to take on an additional 14 rentable square feet at its 1 Stanhope Gate office in London, U.K. The approximate additional annual expense under this lease agreement, net of certain lease incentives, is £1,081 and the lease term is June 10, 2021 through March 24, 2027. In conjunction with the lease of office space, the Company has entered into letters of credit in the amounts of $5,616 and $5,550 as of June 30, 2021 and December 31, 2020, respectively, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other information technology related equipment). Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $1,144 and $2,651 for the three and six months ended June 30, 2021, respectively, and $1,132 and $2,328 for the three and six months ended June 30, 2020, respectively. The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities. The determination of an appropriate incremental borrowing rate requires significant assumptions and judgment. The Company's incremental borrowing rate was calculated based on the Company's recent debt issuances and current market conditions. The Company scales the rates appropriately depending on the life of the leases. The Company incurred net operating cash outflows of $22,893 and $11,763 for the six months ended June 30, 2021 and 2020, respectively, related to its operating leases, which was net of cash received from lease incentives of $4,144 and $8,796 for the six months ended June 30, 2021 and 2020, respectively. Other information as it relates to the Company's operating leases is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
New Right-of-Use Assets obtained in exchange for new operating lease liabilities | $ | 12,327 |  |  | $ | 7,632 |  |  | $ | 14,211 |  |  | $ | 88,765 |  |  |
|  |  |  |  | June 30, 2021 |  | June 30, 2020 |  |
Weighted-average remaining lease term - operating leases |  |  |  |  | 11.2 years |  | 11.8 years |  |
Weighted-average discount rate - operating leases |  |  |  |  | 4.02 | % |  | 4.25 | % |  |
As of June 30, 2021, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
2021 (July 1 through December 31) | $ | 27,821 |
2022 | 55,123 |
2023 | 40,000 |
2024 | 32,509 |
2025 | 34,989 |
Thereafter | 250,622 |
Total lease payments | 441,064 |
Less: Tenant Improvement Allowances | (11,360) |
Less: Imputed Interest | (88,421) |
Present value of lease liabilities | 341,283 |
Less: Current lease liabilities | (44,223) |
Long-term lease liabilities | $ | 297,060 |
In conjunction with the lease agreement to expand its headquarters at 55 East 52nd St., New York, New York, and lease agreements at certain other locations, the Company entered into leases for office space which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that it will take possession of these spaces by the end of 2023. These spaces will have lease terms of 3 to 13 years once the Company has taken possession. The additional future payments under these arrangements are $198,704 as of June 30, 2021.

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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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