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Leases | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Leases | LEASES During the first quarter of 2019, 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. Many of the Company's 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. The Company has established discount rates by geographic region ranging from 1.2% to 12.3%. The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2019 |  | 2019
Operating lease expense | $ | 13,387 |  |  | $ | 26,784 |
Finance lease expense |  |  |
Amortization of leased assets | 272 |  |  | 543 |
Interest on lease liabilities | 4 |  |  | 8 |
Short-term and variable lease expense | 172 |  |  | 277 |
Sublease income | (138 | ) |  | (276 | )
Total | $ | 13,697 |  |  | $ | 27,336 |
Scheduled payments of lease liabilities are as follows:
(in thousands) | Operating Leases |  | Finance Leases |  | Total
Remaining 2019 | $ | 25,598 |  |  | $ | 188 |  |  | $ | 25,786 |
2020 | 45,910 |  |  | 383 |  |  | 46,293 |
2021 | 37,570 |  |  | 185 |  |  | 37,755 |
2022 | 30,788 |  |  | 121 |  |  | 30,909 |
2023 | 26,252 |  |  | 121 |  |  | 26,373 |
Thereafter | 107,810 |  |  | 349 |  |  | 108,159 |
Total lease payments | 273,928 |  |  | 1,347 |  |  | 275,275 |
Less: Present value discount | (29,311 | ) |  | (2 | ) |  | (29,313 | )
Present value lease liabilities | $ | 244,617 |  |  | $ | 1,345 |  |  | $ | 245,962 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
| June 30,
| 2019
Weighted-average remaining lease term (years) |
Operating leases | 8.3 |
Finance leases | 5.5 |
Weighted-average discount rate |
Operating leases | 3.0 | %
Finance leases | 1.2 | %
Leases | LEASES During the first quarter of 2019, 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. Many of the Company's 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. The Company has established discount rates by geographic region ranging from 1.2% to 12.3%. The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2019 |  | 2019
Operating lease expense | $ | 13,387 |  |  | $ | 26,784 |
Finance lease expense |  |  |
Amortization of leased assets | 272 |  |  | 543 |
Interest on lease liabilities | 4 |  |  | 8 |
Short-term and variable lease expense | 172 |  |  | 277 |
Sublease income | (138 | ) |  | (276 | )
Total | $ | 13,697 |  |  | $ | 27,336 |
Scheduled payments of lease liabilities are as follows:
(in thousands) | Operating Leases |  | Finance Leases |  | Total
Remaining 2019 | $ | 25,598 |  |  | $ | 188 |  |  | $ | 25,786 |
2020 | 45,910 |  |  | 383 |  |  | 46,293 |
2021 | 37,570 |  |  | 185 |  |  | 37,755 |
2022 | 30,788 |  |  | 121 |  |  | 30,909 |
2023 | 26,252 |  |  | 121 |  |  | 26,373 |
Thereafter | 107,810 |  |  | 349 |  |  | 108,159 |
Total lease payments | 273,928 |  |  | 1,347 |  |  | 275,275 |
Less: Present value discount | (29,311 | ) |  | (2 | ) |  | (29,313 | )
Present value lease liabilities | $ | 244,617 |  |  | $ | 1,345 |  |  | $ | 245,962 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
| June 30,
| 2019
Weighted-average remaining lease term (years) |
Operating leases | 8.3 |
Finance leases | 5.5 |
Weighted-average discount rate |
Operating leases | 3.0 | %
Finance leases | 1.2 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + 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 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + 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 + Details
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