Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At December 31, 2020 and 2019, operating lease right-of-use assets were $793.2 million and $725.8 million, respectively, and included in fixed assets, net in the consolidated statements of financial condition, and lease liabilities were $839.8 million and $766.0 million, respectively, 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 years ended December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020			2019
Operating lease cost	$	102,595		$	90,354
Short-term lease cost		502			1,479
Variable lease cost		68			79
Sublease income		(3,894	)		(4,761	)
Net lease cost	$	99,271		$	87,151

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 year ended December 31, 2020 (in thousands):

Operating lease cash flows	$	89,122
Right-of-use assets obtained in exchange for new operating lease liabilities	$	215,662
Weighted average remaining lease term	12.3 years
Weighted average discount rate		4.23	%

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 December 31, 2020, (in thousands, except percentages):

2021	$	93,544
2022		96,278
2023		95,359
2024		94,249
2025		93,040
Thereafter		611,933
Total undiscounted lease payments		1,084,403
Imputed interest		(244,597	)
Total operating lease liabilities	$	839,806