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Operating Leases | 3 Months Ended
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Mar. 31, 2024
Lessee Disclosure [Abstract] |
Operating Leases | NOTE 17 – Operating Leases Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 12 years. At March 31, 2024 and December 31, 2023, operating lease right-of-use assets were $804.1 million and $778.2 million, respectively, and lease liabilities were $854.6 million and $825.5 million, respectively. The table below summarizes our net lease cost for the three months ended March 31, 2024 and 2023 (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 27,512 |  |  | $ | 26,429 |
Short-term lease cost |  |  | 724 |  |  |  | 330 |
Variable lease cost |  |  | 7,260 |  |  |  | 6,955 |
Sublease income |  |  | (275 | ) |  |  | (289 | )
Net lease cost |  | $ | 35,221 |  |  | $ | 33,425 |
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 three months ended March 31, 2024 (in thousands):
Operating lease cash flows |  | $ | 24,991 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 42,643 |
Weighted-average remaining lease term (years) |  |  | 12.7 |
Weighted-average discount rate |  |  | 4.87 | %
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 March 31, 2024, (in thousands, except percentages).
Remainder of 2024 |  | $ | 73,221 |
2025 |  |  | 101,023 |
2026 |  |  | 102,017 |
2027 |  |  | 102,121 |
2028 |  |  | 99,480 |
Thereafter |  |  | 708,423 |
Total undiscounted lease payments |  |  | 1,186,285 |
Imputed interest |  |  | (331,669 | )
Total operating lease liabilities |  | $ | 854,616 |
As of March 31, 2024, the Company had a total lease portfolio of 17 aircraft engines with a net book value of $114.5 million, which is included in fixed assets, net in the consolidated statements of financial condition. The aircraft engines were purchased by the Company, through its subsidiaries, during the first quarter of 2024. See Note 25 for addition information. As of March 31, 2024, minimum future payments under non-cancelable leases were (in thousands):
Remainder of 2024 |  | $ | 5,861 |
2025 |  |  | 1,029 |
|  | $ | 6,890 |
Lease income, included in other income in the consolidated statements of operations, was $1.9 million for the three months ended March 31, 2024.

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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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