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Leases | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Leases | 12. Leases The Company leases certain fulfillment centers and office space in the various countries in which it operates. The lease agreements do not contain any residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases was as follows (in thousands):
|  | June 30,
|  | 2019
Operating Leases |  |
Operating lease right-of-use assets | $ | 157,843
Operating lease liabilities | $ | 161,512
Finance Leases |  |
Property and equipment, at cost |  | 12,377
Accumulated depreciation |  | (638)
Property and equipment, net | $ | 11,739
Loans payable and other financial liabilities | $ | 10,080
The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating and finance leases at June 30, 2019:
Weighted average remaining lease term |  |  |
Operating leases |  | 9 | Years
Finance leases |  | 4 | Years
Weighted average discount rate (*) |  |  |
Operating leases |  | 10.6 | %
Finance leases |  | 27.5 | %
(*) Includes discount rates of leases in local currency and U.S dollar. ‎ The components of lease expense were as follows (in thousands):
|  | June 30,
|  | 2019
Operating lease cost | $ | 13,874
Finance lease cost: |  |
Depreciation of property and equipment |  | 584
Interest on lease liabilities |  | 489
Total finance lease cost | $ | 1,073
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Six months ended
|  | June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases | $ | 10,219
Financing cash flows from finance leases |  | 889
Right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases | $ | 43,018
Finance leases |  | 3,355
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the operating and finance leases (in thousands):
Period Ending June 30, 2019 |  |  |  | Operating Leases |  |  | Finance Leases
One year or less |  |  | $ | 29,836 |  | $ | 4,716
One year to two years |  |  |  | 28,994 |  |  | 4,266
Two years to three years |  |  |  | 28,369 |  |  | 4,266
Three years to four years |  |  |  | 26,600 |  |  | 4,021
Four years to five years |  |  |  | 24,932 |  |  | 1,417
Thereafter |  |  |  | 114,372 |  |  | —
Total lease payments |  |  | $ | 253,103 |  | $ | 18,686
Less imputed interest |  |  |  | (91,591) |  |  | (8,606)
Total |  |  | $ | 161,512 |  | $ | 10,080

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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