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Operating Leases | 12 Months Ended
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Dec. 31, 2020
Lessee Disclosure [Abstract] |
Operating Leases | NOTE 19 – Operating Leases Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At December 31, 2020 and 2019, operating lease right-of-use assets were $793.2 million and $725.8 million, respectively, and included in fixed assets, net in the consolidated statements of financial condition, and lease liabilities were $839.8 million and $766.0 million, respectively, and included in accounts payable and accrued expenses in the consolidated statements of financial condition. The table below summarizes our net lease cost for the years ended December 31, 2020 and 2019 (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Operating lease cost |  | $ | 102,595 |  |  | $ | 90,354 |
Short-term lease cost |  |  | 502 |  |  |  | 1,479 |
Variable lease cost |  |  | 68 |  |  |  | 79 |
Sublease income |  |  | (3,894 | ) |  |  | (4,761 | )
Net lease cost |  | $ | 99,271 |  |  | $ | 87,151 |
Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations. The table below summarizes other information related to our operating leases as of and for the year ended December 31, 2020 (in thousands):
Operating lease cash flows |  | $ | 89,122 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 215,662 |
Weighted average remaining lease term |  | 12.3 years |
Weighted average discount rate |  |  | 4.23 | %
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. The table below presents information about operating lease liabilities as of December 31, 2020, (in thousands, except percentages):
2021 |  | $ | 93,544 |
2022 |  |  | 96,278 |
2023 |  |  | 95,359 |
2024 |  |  | 94,249 |
2025 |  |  | 93,040 |
Thereafter |  |  | 611,933 |
Total undiscounted lease payments |  |  | 1,084,403 |
Imputed interest |  |  | (244,597 | )
Total operating lease liabilities |  | $ | 839,806 |

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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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