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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Schedule of Supplemental Information Related to Operating Leases | Supplemental information related to the Company’s operating and financing leases is as follows (in thousands):
| Classification in Consolidated Statements of Financial Condition |  | December 31, 2023 |  | December 31, 2022
Assets |  |  |  |  |
Operating lease ROU assets | Other assets |  | $ | 124,165 |  |  | $ | 129,786 |
Finance lease ROU assets | Fixed assets, net |  | $ | 4,264 |  |  | $ | 5,685 |
Liabilities |  |  |  |  |
Operating lease liabilities | Accounts payable, accrued and other liabilities |  | $ | 149,640 |  |  | $ | 156,105 |
Finance lease liabilities | Accounts payable, accrued and other liabilities |  | $ | 4,721 |  |  | $ | 6,039 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate |
| December 31, 2023 |  | December 31, 2022
Weighted-average remaining lease term |  |  |
Operating leases (years) | 7.3 |  | 7.7
Finance leases (years) | 3.4 |  | 4.1
Weighted-average discount rate |  |  |
Operating leases | 5.0 | % |  | 4.5 | %
Finance leases | 4.3 | % |  | 4.3 | %
Schedule of Components of Lease Expense |
| December 31, 2023 |  | December 31, 2022
Weighted-average remaining lease term |  |  |
Operating leases (years) | 7.3 |  | 7.7
Finance leases (years) | 3.4 |  | 4.1
Weighted-average discount rate |  |  |
Operating leases | 5.0 | % |  | 4.5 | %
Finance leases | 4.3 | % |  | 4.3 | %
The components of lease expense are as follows (in thousands):
|  |  | Year Ended December 31,
| Classification in Consolidated Statements of Operations |  | 2023 |  | 2022 |  | 2021
Operating lease cost 1, 2 | Occupancy and equipment |  | $ | 35,894 |  |  | $ | 36,894 |  |  | $ | 41,442 |
Finance lease cost |  |  |  |  |  |  |
Amortization on ROU assets | Occupancy and equipment |  | $ | 1,305 |  |  | $ | 753 |  |  | $ | 146 |
Interest on lease liabilities | Interest expense |  | $ | 219 |  |  | $ | 116 |  |  | $ | 21 |
____________________________________ 1 The Company recorded operating lease costs related to the Insurance brokerage business of $3.5 million for the year ended December 31, 2021. 2 Short-term lease expense was not material for the years ended December 31, 2023, 2022 and 2021.
Schedule of Maturity Analysis of Operating Lease Liabilities | As of December 31, 2023, minimum lease payments under these arrangements are as follows (in thousands):
| Net Lease Commitment
| Operating leases |  | Finance leases
2024 | $ | 31,594 |  |  | $ | 1,712 |
2025 | 27,075 |  |  | 1,448 |
2026 | 20,953 |  |  | 1,290 |
2027 | 19,231 |  |  | 627 |
2028 | 13,393 |  |  | — |
2029 and thereafter | 76,940 |  |  | — |
Total | $ | 189,186 |  |  | $ | 5,077 |
The following table shows the Company’s maturity analysis of its lease liabilities as of December 31, 2023 (in thousands):
| December 31, 2023
| Operating leases |  | Finance leases
2024 | $ | 31,594 |  |  | $ | 1,712 |
2025 | 27,075 |  |  | 1,448 |
2026 | 20,953 |  |  | 1,290 |
2027 | 19,231 |  |  | 627 |
2028 | 13,393 |  |  | — |
2029 and thereafter | 76,940 |  |  | — |
Total | $ | 189,186 |  |  | $ | 5,077 |
Interest | (39,546) |  |  | (356) |
Total | $ | 149,640 |  |  | $ | 4,721 |
Schedule of Cash Flow Information Related to Lease Liabilities | The following table shows cash flow information related to lease liabilities (in thousands):
| Year Ended December 31,
Cash paid for amounts included in the measurement of lease liabilities | 2023 |  | 2022
Operating cash flows from operating lease liabilities | $ | 37,008 |  |  | $ | 38,113 |
Operating cash flows from finance lease liabilities | $ | 219 |  |  | $ | 116 |
Financing cash flows from finance lease liabilities | $ | 1,228 |  |  | $ | 704 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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