Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease cost

The components of lease expense were as follows during the periods presented (in thousands):

	Year Ended December 31,
	2020		2019
Operating lease costs(1)	$	16,331	$	19,450
Finance lease costs
Amortization of ROU assets	3,149		1,825
Interest on lease liabilities	420		563
Total lease costs	$	19,900	$	21,838

________________________

(1)Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. Costs include short-term and variable lease components which were not material for the periods presented.

Supplemental balance sheet information

The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands):

	Classification	December 31, 2020		December 31, 2019
Assets
Operating lease ROU assets	Other assets	$	72,164	$	75,254
Finance lease ROU assets	Property and equipment, net	12,410		9,133
Total lease ROU assets		$	84,574	$	84,387
Liabilities
Operating lease liabilities	Other liabilities	$	90,659	$	93,847
Finance lease liabilities	Borrowings	8,288		8,121
Total lease liabilities		$	98,947	$	101,968

	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (in years)
Operating leases	7.1		8.1
Finance leases	2.5		3.1
Weighted-average discount rate
Operating leases(1)	5.0	%	5.3	%
Finance leases	4.6	%	4.7	%

________________________

(1)Upon adoption of the new lease standard, discount rates used for existing operating leases were established at January 1, 2019.

Supplemental lease information

Supplemental lease information is summarized below (in thousands, except rate and lease term):

	Year Ended December 31,
	2020		2019
ROU assets obtained in exchange for new operating lease obligations(1)	$	8,990	$	123,477
ROU assets obtained in exchange for new finance lease obligations	3,276		5,299
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	17,396		14,874
Finance leases - operating cash flows	419		295
Finance leases - financing cash flows	3,114		1,898

________________________

(1)During the year ended December 31, 2019, the amount includes $89.1 million for operating leases existing as of January 1, 2019.

Lease maturities

Maturities of lease liabilities under non-cancelable leases as of December 31, 2020 are summarized as follows (in thousands):

	Finance Leases		Operating Leases		Total
2021	$	3,674	$	19,440	$	23,114
2022	3,410		15,872		19,282
2023	1,467		14,311		15,778
2024	241		14,474		14,715
2025	—		11,612		11,612
Thereafter	—		37,776		37,776
Total undiscounted lease payments	8,792		113,485		122,277
Less: imputed interest	(504)		(22,826)		(23,330)
Total lease liabilities	$	8,288	$	90,659	$	98,947

Lease maturities

Maturities of lease liabilities under non-cancelable leases as of December 31, 2020 are summarized as follows (in thousands):

	Finance Leases		Operating Leases		Total
2021	$	3,674	$	19,440	$	23,114
2022	3,410		15,872		19,282
2023	1,467		14,311		15,778
2024	241		14,474		14,715
2025	—		11,612		11,612
Thereafter	—		37,776		37,776
Total undiscounted lease payments	8,792		113,485		122,277
Less: imputed interest	(504)		(22,826)		(23,330)
Total lease liabilities	$	8,288	$	90,659	$	98,947