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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The Company reflects lease expense over the lease terms on a straight-line basis. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. 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 Consolidated Statements of Operations includes operating lease cost for office space of $56,202, $51,913 and $49,580 for the years ended December 31, 2023, 2022 and 2021, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $5,548, $6,563 and $6,062 for the years ended December 31, 2023, 2022 and 2021, respectively. In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $5,757 and $5,637 as of December 31, 2023 and 2022, respectively, which are secured by cash that is included in Other Assets on the 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 Consolidated Statements of Operations includes operating lease cost for office equipment of $5,663, $5,316 and $5,193 for the years ended December 31, 2023, 2022 and 2021, 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 $46,030, $57,456 and $45,886 for the years ended December 31, 2023, 2022 and 2021, respectively, related to its operating leases, which was net of cash received from lease incentives of $5,599, $3,412 and $9,216 for the years ended December 31, 2023, 2022 and 2021, respectively. Other information as it relates to the Company's operating leases is as follows:
|  |  | For the Years Ended December 31, |  |
|  |  |  |  | 2023 |  | 2022 |  |
New Right-of-Use Assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 182,039 |  |  | $ | 20,666 |  |  |
|  |  |  |  | December 31, |  |
|  |  |  |  | 2023 |  | 2022 |  |
Weighted-average remaining lease term - operating leases |  |  |  |  | 10.7 years |  | 10.4 years |  |
Weighted-average discount rate - operating leases |  |  |  |  | 4.56 | % |  | 3.92 | % |  |
In 2023, the Company's lease for certain floors at 55 East 52nd St., New York, New York commenced. The lease term will end on December 31, 2035. In December 2022, the Company entered into a lease agreement to take on 38 rentable square feet in New York, New York. The Company's lease of this space commenced in January 2023 and the lease term will end on December 31, 2035. New Right-of-Use Assets obtained in exchange for new operating lease liabilities above for the year ended December 31, 2023 includes $174,415 related to these spaces. As of December 31, 2023, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
2024 | $ | 47,401 |
2025 | 66,688 |
2026 | 63,971 |
2027 | 50,123 |
2028 | 48,660 |
Thereafter | 337,895 |
Total lease payments | 614,738 |
Less: Tenant Improvement Allowances | (8,098) |
Less: Imputed Interest | (136,134) |
Present value of lease liabilities | 470,506 |
Less: Current lease liabilities | (36,259) |
Long-term lease liabilities | $ | 434,247 |
The Company has entered into certain lease agreements which have not yet commenced and thus are not yet included on the Company's Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that these leases will commence in 2024 and will have lease terms of 7 years once they have commenced. The additional future payments under these arrangements are $1,314 as of December 31, 2023. Further, in conjunction with its lease agreements at 55 East 52nd St., New York, New York, the Company had an option to take on an additional three floors, which it exercised during 2023. The Company entered into a lease agreement for this space in January 2024 and anticipates that it will take possession of this space by the end of 2024. The lease term will end on December 31, 2035. The expected additional annual expense under this lease agreement, net of certain lease incentives, is $9,862 and the expected additional future payments are $110,124.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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