XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Operating Leases | 9 Months Ended
--- | ---
Sep. 30, 2021
Lessee Disclosure [Abstract] |
Operating Leases | NOTE 16 – Operating Leases Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At September 30, 2021 and December 31, 2020, operating lease right-of-use assets were $756.9 million and $793.2 million, respectively, and lease liabilities were $804.4 million and $839.8 million, respectively, included in accounts payable and accrued expenses in the consolidated statements of financial condition. The table below summarizes our net lease cost for the three and nine months ended September 30, 2021 and 2020 (in thousands):
|  | Three Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 25,802 |  |  | $ | 25,251 |
Short-term lease cost |  |  | 110 |  |  |  | 590 |
Variable lease cost |  |  | 265 |  |  |  | 20 |
Sublease income |  |  | (643 | ) |  |  | (997 | )
Net lease cost |  | $ | 25,534 |  |  | $ | 24,864 |
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 76,292 |  |  | $ | 73,172 |
Short-term lease cost |  |  | 343 |  |  |  | 2,892 |
Variable lease cost |  |  | 606 |  |  |  | 62 |
Sublease income |  |  | (1,951 | ) |  |  | (2,901 | )
Net lease cost |  | $ | 75,290 |  |  | $ | 73,225 |
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 nine months ended September 30, 2021 (in thousands):
Operating lease cash flows |  | $ | 73,589 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 32,189 |
Weighted-average remaining lease term |  | 11.8 years |
Weighted-average discount rate |  |  | 4.14 | %
The weighted average discount rate represents our company’s incremental borrowing rate at the lease inception date. The table below presents information about operating lease liabilities as of September 30, 2021, (in thousands, except percentages).
Remainder of 2021 |  | $ | 25,387 |
2022 |  |  | 100,075 |
2023 |  |  | 98,372 |
2024 |  |  | 96,377 |
2025 |  |  | 94,537 |
Thereafter |  |  | 617,407 |
Total undiscounted lease payments |  |  | 1,032,155 |
Imputed interest |  |  | (227,778 | )
Total operating lease liabilities |  | $ | 804,377 |

X
- References No definition available. + Details
Name: | us-gaap_LesseeDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration