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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | LEASES The Company as a Lessee The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2034. 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 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 office space and equipment leases, 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, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 80,257 |  |  | $ | 78,482 |  |  | $ | 86,232 |
Variable lease cost | 23,521 |  |  | 21,086 |  |  | 21,193 |
Sublease income | (934) |  |  | (4,969) |  |  | (7,303) |
Total | $ | 102,844 |  |  | $ | 94,599 |  |  | $ | 100,122 |
The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2023 and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows paid for operating leases | $ | 81,737 |  | $ | 81,415
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 35,282 |  | $ | 34,559
Weighted average remaining lease term | 8 years |  | 9 years
Weighted average discount rate | 3.9 | % |  | 3.7 | %
Maturities of the operating lease liabilities outstanding at December 31, 2023 for each of the years in the period ending December 31, 2028 and thereafter are set forth in the table below.
Year Ending December 31, |
2024 | $ | 82,321 |
2025 | 73,201 |
2026 | 64,811 |
2027 | 63,334 |
2028 | 59,863 |
Thereafter | 221,452 |
Total lease payments | 564,982 |
Less - Discount | 79,791 |
Operating lease liabilities | $ | 485,191 |
In addition, to the table above, the Company had undiscounted future lease payments of $119,225 related to an operating lease that was signed but not yet commenced at December 31, 2023. This operating lease will commence in 2024 with a lease term of 15 years. The Company as a Lessor The Company has entered into a lease agreement which provides a third-party the right to use its owned office building. The lease contains options to renew and terminate and is classified as an operating lease. The following table presents the carrying value of the assets subject to leases reported on the consolidated statements of financial condition:
| Year Ending
| December 31, 2023
Property, net | $ | 72,921 |
Accumulated depreciation | $ | 104,171 |
The Company classified the owned office building as held for sale as of December 31, 2023. See Note 9. For the year ended December 31, 2023, the Company’s operating lease income included in “revenue-other” on the consolidated statements of operations was $6,393. The following table presents undiscounted future cash inflows under the operating lease as of December 31, 2023:
Year Ending December 31, |
2024 | $ | 2,758 |
2025 | 8,273 |
2026 | 8,273 |
2027 | 8,273 |
2028 | 8,273 |
Thereafter | 24,820 |
Total lease payment to be received | $ | 60,670 |
Leases | LEASES The Company as a Lessee The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2034. 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 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 office space and equipment leases, 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, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 80,257 |  |  | $ | 78,482 |  |  | $ | 86,232 |
Variable lease cost | 23,521 |  |  | 21,086 |  |  | 21,193 |
Sublease income | (934) |  |  | (4,969) |  |  | (7,303) |
Total | $ | 102,844 |  |  | $ | 94,599 |  |  | $ | 100,122 |
The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2023 and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows paid for operating leases | $ | 81,737 |  | $ | 81,415
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 35,282 |  | $ | 34,559
Weighted average remaining lease term | 8 years |  | 9 years
Weighted average discount rate | 3.9 | % |  | 3.7 | %
Maturities of the operating lease liabilities outstanding at December 31, 2023 for each of the years in the period ending December 31, 2028 and thereafter are set forth in the table below.
Year Ending December 31, |
2024 | $ | 82,321 |
2025 | 73,201 |
2026 | 64,811 |
2027 | 63,334 |
2028 | 59,863 |
Thereafter | 221,452 |
Total lease payments | 564,982 |
Less - Discount | 79,791 |
Operating lease liabilities | $ | 485,191 |
In addition, to the table above, the Company had undiscounted future lease payments of $119,225 related to an operating lease that was signed but not yet commenced at December 31, 2023. This operating lease will commence in 2024 with a lease term of 15 years. The Company as a Lessor The Company has entered into a lease agreement which provides a third-party the right to use its owned office building. The lease contains options to renew and terminate and is classified as an operating lease. The following table presents the carrying value of the assets subject to leases reported on the consolidated statements of financial condition:
| Year Ending
| December 31, 2023
Property, net | $ | 72,921 |
Accumulated depreciation | $ | 104,171 |
The Company classified the owned office building as held for sale as of December 31, 2023. See Note 9. For the year ended December 31, 2023, the Company’s operating lease income included in “revenue-other” on the consolidated statements of operations was $6,393. The following table presents undiscounted future cash inflows under the operating lease as of December 31, 2023:
Year Ending December 31, |
2024 | $ | 2,758 |
2025 | 8,273 |
2026 | 8,273 |
2027 | 8,273 |
2028 | 8,273 |
Thereafter | 24,820 |
Total lease payment to be received | $ | 60,670 |

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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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