We are the lessee in contracts for our office space tenancies, for leased vehicles and for our wholly-owned subsidiary Hana. These arrangements account for the significant portion of our lease liabilities and right-of-use assets. We continually monitor our service arrangements to evaluate whether they meet the definition of a lease.

The base terms for our lease arrangements typically do not extend beyond 10 years. We commonly have renewal options in our leases, but most of these options do not create a significant economic incentive for us to extend the lease term. Therefore, payments during periods covered by these renewal options are typically not included in our lease liabilities and right-of-use assets. Specific to our vehicle leases, early termination options are common and economic penalties associated with early termination of these contracts are typically significant enough to make it reasonably certain that we will not exercise such options. Therefore, payments during periods covered by these early termination options in vehicle leases are typically included in our lease liabilities and right-of-use assets. As an accounting policy election, our short-term leases with an initial term of 12 months or less are not recognized as lease liabilities and right-of-use assets in the consolidated balance sheets. The rent expense associated with short term leases is recognized on a straight-line basis over the lease term.

Most of our office space leases include variable payments based on our share of actual common area maintenance and operating costs of the leased property. Many of our vehicle leases include variable payments based on actual service and fuel costs. For both office space and vehicle leases, we have elected the practical expedient to not separate lease components from non-lease components. Therefore, these costs are classified as variable lease payments.

Lease payments are typically discounted at our incremental borrowing rate because the interest rate implicit in the lease cannot be readily determined in the absence of key inputs which are typically not reported by our lessors. Because we do not generally borrow on a collateralized basis, judgement was used to estimate the secured borrowing rate associated with our leases based on relevant market data and our inputs applied to accepted valuation methodologies. The incremental borrowing rate calculated for each lease also reflects the lease term, currency, and geography specific to each lease.

Supplemental balance sheet information related to our leases is as follows (dollars in thousands):

Category	Classification	December 31, 2019
Assets
Operating lease assets	Operating lease assets	$	997,966
Financing lease assets	Other assets, net		94,141
Total leased assets		$	1,092,107

Liabilities
Current:
Operating	Operating lease liabilities	$	168,663
Financing	Other current liabilities		34,966
Non-current:
Operating	Non-current operating lease liabilities		1,057,758
Financing	Other liabilities		60,001
Total lease liabilities		$	1,321,388

Component	Classification	Year Ended December 31, 2019
Operating lease cost	Operating, administrative and other	$	189,106
Finance lease cost:
Amortization of right-to-use assets	(1)		31,081
Interest on lease liabilities	Interest expense		1,317
Variable lease cost	(2)		74,476
Sublease income	Revenue		(3,734	)
Total lease cost		$	292,246

Weighted average remaining lease term and discount rate for our operating leases are as follows:

		December 31, 2019
Weighted-average remaining lease term:
Operating leases		9 years
Finance leases		3 years
Weighted-average discount rate:
Operating leases		3.4%
Finance leases		2.3%

Maturities of lease liabilities by fiscal year as of December 31, 2019 are as follows (dollars in thousands):

	Operating Leases		Financing Leases
2020	$	175,958	$	35,532
2021		200,043		27,314
2022		178,314		19,264
2023		160,300		12,303
2024		148,681		4,628
Thereafter		569,360		—
Total remaining lease payments at December 31, 2019	$	1,432,656	$	99,041
Less: Interest		206,235		4,074
Present value of lease liabilities at December 31, 2019	$	1,226,421	$	94,967

As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018 and under the previous lease accounting standard, the following is a schedule by year of future minimum lease payments for noncancelable operating leases as of December 31, 2018 (dollars in thousands):

2019	$	238,954
2020		219,351
2021		202,205
2022		172,267
2023		145,705
Thereafter		510,741
Total minimum payment required	$	1,489,223

Supplemental cash flow information and non-cash activity related to our operating leases are as follows (dollars in thousands):

	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	167,652
Operating cash flows from financing leases		1,559
Financing cash flows from financing leases		32,352
Right-of-use assets obtained in exchange for new operating lease liabilities		168,972
Right-of-use assets obtained in exchange for new financing lease liabilities		63,041
Other non-cash increases in operating lease right-of-use assets (1)		47,851
Other non-cash decreases in finance lease right-of-use assets (1)		(1,826	)