Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 16 years. At September 30, 2020, operating lease right-of-use assets were $771.2 million and included in fixed assets, net in the consolidated statements of financial condition, and lease liabilities were $811.0 million and included in accounts payable and accrued expenses in the consolidated statements of financial condition.

The table below summarizes our net lease cost for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Three Months Ended September 30,
	2020			2019
Operating lease cost	$	25,251		$	22,921
Short-term lease cost		590			403
Variable lease cost		20			54
Sublease income		(997	)		(1,244	)
Net lease cost	$	24,864		$	22,134

	Nine Months Ended September 30,
	2020			2019
Operating lease cost	$	73,172		$	68,081
Short-term lease cost		2,892			1,152
Variable lease cost		62			88
Sublease income		(2,901	)		(3,729	)
Net lease cost	$	73,225		$	65,592

Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.

The table below summarizes other information related to our operating leases as of and for the three months ended September 30, 2020 (in thousands):

Operating lease cash flows	$	63,724
Weighted-average remaining lease term	12.1 years
Weighted-average discount rate		4.32	%

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.

The table below presents information about operating lease liabilities as of September 30, 2020, (in thousands, except percentages).

Remainder of 2020	$	21,202
2021		92,043
2022		94,084
2023		93,289
2024		92,127
Thereafter		686,863
Total undiscounted lease payments		1,079,608
Imputed interest		(268,582	)
Total operating lease liabilities	$	811,026