The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033. Substantially all of these arrangements are operating leases relating to office space. Certain leases have renewal options that can be exercised at the discretion of the Company. The Company only includes renewal options in the lease term when it is reasonably certain to exercise the option. The Company does not record leases with a lease term of 12 months or less on the consolidated statements of financial condition; lease expense for these leases is recognized over the lease term on a straight-line basis.

The operating lease liabilities at commencement reflect total lease payments discounted using an incremental borrowing rate (on a collateralized basis) based on the lease term (the “Discount”), as an implicit rate was not readily determinable for any of the Company’s existing operating leases. The Company determines its Discount with consideration of the Company’s public debt issuances as well as publicly available data for instruments with similar characteristics.

For leases commencing on January 1, 2019 or thereafter that relate to office space and equipment, the Company accounts for the lease and non-lease components as a single lease component.

In addition to rent payments, operating leases for office space generally contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include them in the lease component. There are certain office leases outside of the U.S. that have annual rent increases based on a year-over-year change in an index that are also accounted for as variable payments and are excluded from the lease component.

The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020:

	Year Ended December 31,
	2022			2021			2020
Operating lease cost	$	78,482		$	86,232		$	85,857
Variable lease cost		21,086			21,193			21,284
Sublease income		(4,969	)		(7,303	)		(6,827	)
Total	$	94,599		$	100,122		$	100,314

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2022 and 2021:

	Year Ended December 31,
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	81,415		$	92,251

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	34,559		$	36,172

Weighted average remaining lease term	9 years			10 years

Weighted average discount rate		3.7	%		3.6	%

Maturities of the operating lease liabilities outstanding at December 31, 2022 for each of the years in the period ending December 31, 2027 and thereafter are set forth in the table below.

Year Ending December 31,
2023	$	78,922
2024		76,461
2025		66,006
2026		58,540
2027		57,627
Thereafter		264,270
Total lease payments		601,826
Less - Discount		88,138
Operating lease liabilities	$	513,688

In addition to the table above, the Company had undiscounted future lease payments of $130,000 related to operating leases that were signed but not yet commenced as December 31, 2022. These operating leases will commence between 2023 and 2024 with lease terms up to 15 years.