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Operating Leases
3 Months Ended
Mar. 31, 2019
Lessee Disclosure [Abstract]  
Operating Leases

NOTE 17 – Operating Leases

The table below presents information about operating lease liabilities as of March 31, 2019, (in thousands, except percentages).

Remainder of 2019

 

$

65,058

 

2020

 

 

84,120

 

2021

 

 

79,102

 

2022

 

 

78,288

 

2023

 

 

76,386

 

Thereafter

 

 

485,856

 

Total undiscounted lease payments

 

 

868,810

 

Imputed interest

 

 

(198,035

)

Total operating lease liabilities

 

$

670,775

 

Weighted average remaining lease term

 

11.9 years

 

Weighted average discount rate

 

 

4.58

%

In the table above, the weighted average discount rate represents our company’s incremental borrowing rate as of January 2019 for leases existing on the date of adoption of the new lease standard and at the lease inception date for leases entered into subsequent to the adoption of ASU 2016-02.

Operating lease costs, included in occupancy and equipment rental in the consolidated statements of operations, were $21.0 million for the three months ended March 31, 2019 and $21.9 million for the three months ended March 31, 2018.

As of March 31, 2019, the Company had a total lease portfolio of 29 aircraft engines with a net book value of $286.0 million, which is included in fixed assets, net in the consolidated statements of financial condition.

As of March 31, 2019, minimum future payments under non-cancelable leases were (in thousands):

 

Remainder of 2019

 

$

25,478

 

2020

 

 

22,099

 

2021

 

 

18,012

 

2022

 

 

10,004

 

2023

 

 

4,889

 

Thereafter

 

 

10,420

 

 

 

$

90,902

 

 

Lease income, included in other income in the consolidated statements of operations, was $8.2 million for the three months ended March 31, 2019.