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Leases
 6 Months Ended
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
%