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Leases
 3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Leases
LEASES
During the March 2019 quarter, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below.
The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of our leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.
As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. We have established discount rates by geographic region ranging from 1.19% to 12.26%.
Lease Expense for the quarter is as follows:
 
Three Months Ended
March 31,
(in thousands)
2019
Operating Lease Expense
$
13,397

Finance Lease Expense
 
   Amortization of Leased Assets
271

   Interest on Lease Liabilities
4

Short-term and Variable Lease Expense
105

Sublease Income
(138
)
Total
$
13,639


Maturity of Lease Liabilities:
(in thousands)
Operating Leases
 
Finance
Leases
 
Total
Remaining 2019
$
38,094

 
$
278

 
$
38,372

2020
44,455

 
377

 
44,832

2021
36,350

 
180

 
36,530

2022
29,824

 
121

 
29,945

2023
25,377

 
121

 
25,498

Thereafter
106,069

 
348

 
106,417

Total Lease Payments
280,169

 
1,425

 
281,594

Less: Present Value Discount
(30,949
)
 
(5
)
 
(30,954
)
Present Value Lease Liabilities
$
249,220

 
$
1,420

 
$
250,640


Lease Term and Discount Rate:
 
Three Months Ended
March 31,
 
2019
Weighted-average remaining lease term (years)
 
     Operating Leases
8.44

     Finance Leases
5.68

Weighted-average discount rate
 
     Operating Leases
3.00
%
     Finance Leases
1.19
%
Leases
LEASES
During the March 2019 quarter, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below.
The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of our leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.
As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. We have established discount rates by geographic region ranging from 1.19% to 12.26%.
Lease Expense for the quarter is as follows:
 
Three Months Ended
March 31,
(in thousands)
2019
Operating Lease Expense
$
13,397

Finance Lease Expense
 
   Amortization of Leased Assets
271

   Interest on Lease Liabilities
4

Short-term and Variable Lease Expense
105

Sublease Income
(138
)
Total
$
13,639


Maturity of Lease Liabilities:
(in thousands)
Operating Leases
 
Finance
Leases
 
Total
Remaining 2019
$
38,094

 
$
278

 
$
38,372

2020
44,455

 
377

 
44,832

2021
36,350

 
180

 
36,530

2022
29,824

 
121

 
29,945

2023
25,377

 
121

 
25,498

Thereafter
106,069

 
348

 
106,417

Total Lease Payments
280,169

 
1,425

 
281,594

Less: Present Value Discount
(30,949
)
 
(5
)
 
(30,954
)
Present Value Lease Liabilities
$
249,220

 
$
1,420

 
$
250,640


Lease Term and Discount Rate:
 
Three Months Ended
March 31,
 
2019
Weighted-average remaining lease term (years)
 
     Operating Leases
8.44

     Finance Leases
5.68

Weighted-average discount rate
 
     Operating Leases
3.00
%
     Finance Leases
1.19
%