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Operating Leases
6 Months Ended
Jun. 30, 2019
Lessee Disclosure [Abstract]  
Operating Leases

NOTE 17 – Operating Leases

The table below presents information about operating lease liabilities as of June 30, 2019, (in thousands, except percentages).

Remainder of 2019

 

$

44,633

 

2020

 

 

86,163

 

2021

 

 

81,218

 

2022

 

 

80,346

 

2023

 

 

79,107

 

Thereafter

 

 

522,934

 

Total undiscounted lease payments

 

 

894,401

 

Imputed interest

 

 

(215,988

)

Total operating lease liabilities

 

$

678,413

 

Weighted average remaining lease term

 

11.8 years

 

Weighted average discount rate

 

 

4.59

%

 

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.

Operating lease costs, included in occupancy and equipment rental in the consolidated statements of operations, were $22.0 million and $22.1 million for the three months ended June 30, 2019 and 2018, respectively. Operating lease costs were $43.5 million and $44.1 million for the six months ended June 30, 2019 and 2018, respectively.

As of June 30, 2019, the Company had a total lease portfolio of 32 aircraft engines with a net book value of $306.5 million, which is included in fixed assets, net in the consolidated statements of financial condition.

As of June 30, 2019, minimum future payments under non-cancelable leases were (in thousands):

Remainder of 2019

 

$

13,482

 

2020

 

 

24,598

 

2021

 

 

20,162

 

2022

 

 

11,980

 

2023

 

 

6,865

 

Thereafter

 

 

11,737

 

 

 

$

88,824

 

Lease income, included in other income in the consolidated statements of operations, was $5.1 million and $13.3 million for the three and six months ended June 30, 2019, respectively.