Interactive Brokers Group Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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Sep 30, 2024 · Filed Nov 7, 2024
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Leases
All of the Company’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices, data centers and other facilities. As of September 30, 2024, the weighted-average remaining lease term on these leases is approximately 6 years and the weighted-average discount rate used to measure the lease liabilities is approximately 3.88%. For the nine months ended September 30, 2024, right-of-use assets obtained under new operating leases were $13 million. The Company’s lease agreements do not contain any residual value guarantees, restrictions, or covenants.
The table below presents balances reported in the condensed consolidated statements of financial condition related to the Company’s leases for the periods indicated.
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Right-of-use assets 1 | $110 | $120 |
| Lease liabilities 1 | $129 | $143 |
(1)Right-of-use assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in the Company’s condensed consolidated statements of financial condition.
The table below presents balances reported in the condensed consolidated statements of comprehensive income related to the Company’s leases for the periods indicated.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions) | ||||
| Operating lease cost | $9 | $8 | $26 | $25 |
| Variable lease cost | 1 | 1 | 4 | 4 |
| Total lease cost | $10 | $9 | $30 | $29 |
The table below reconciles the undiscounted cash flows of the Company’s leases to the present value of its operating lease payments for the period indicated.
| (in millions) | |
|---|---|
| 2024 (remaining) | $7 |
| 2025 | 32 |
| 2026 | 26 |
| 2027 | 20 |
| 2028 | 18 |
| 2029 | 17 |
| Thereafter | 23 |
| Total undiscounted operating lease payments | 143 |
| Less: imputed interest | (14) |
| Present value of operating lease liabilities | $129 |
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