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LEASES | 12 Months Ended
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Dec. 31, 2019
LEASES | 2. LEASES Adoption of New Lease Standard We adopted the New Lease Standard on January 1, 2019 using the additional transition method described in Note 1 to these audited consolidated financial statements. Results for reporting periods beginning on and after January 1, 2019 are presented under the New Lease Standard. Prior periods have not been restated. The New Lease Standard had a material impact on our consolidated balance sheet due to the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. Practical Expedients We elected the package of practical expedients that did not require us to reassess (1) whether existing contracts contain embedded leases, (2) the lease classification of existing leases, and (3) whether initial direct costs for existing leases would qualify for capitalization under the New Lease Standard. We also elected the practical expedients related to short-term leases and separating lease components from non-lease components for all underlying asset classes. The components of operating lease expense were as follows:
|  | Year ended December 31, 2019 |
Lease cost |  | $ | 74,755 |
Short-term lease cost |  |  | 9,427 |
Variable lease cost |  |  | 707 |
Sublease income |  |  | (226 | )
Total operating lease cost |  | $ | 84,663 |
Supplemental balance sheet information related to operating leases were as follows:
December 31, |  | 2019 |
ROU assets |  | $ | 223,369 |
Current portion of long-term obligations |  | $ | 68,199 |
Operating lease liabilities |  |  | 154,271 |
Total operating lease liabilities |  | $ | 222,470 |
Weighted Average Remaining Lease Term (in years) |  |  | 3.9 y ears |
Weighted Average Discount Rate |  |  | 4.48 | %
Supplemental cash flow information related to operating leases were as follows:
Year Ended December 31, |  | 2019 |
Operating cash flows for the measurement of operating lease liabilities |  | $ | 75,357 |
Operating lease right-of-use assets obtained in exchange for operating lease obligations |  | $ | 290,422 |
At December 31, 2019, maturities of operating lease liabilities over each of the next five years and thereafter were as follows:
2020 |  | $ | 76,610 |
2021 |  |  | 63,442 |
2022 |  |  | 47,367 |
2023 |  |  | 30,659 |
2024 |  |  | 15,532 |
Thereafter |  |  | 10,264 |
Total lease payments |  |  | 243,874 |
Less imputed interest |  |  | 21,404 |
Total lease liability |  | $ | 222,470 |
At December 31, 2019, we had additional operating leases, primarily for real property, that had not yet commenced. Such leases had estimated future minimum rental commitments of approximately $1,300. These operating leases will commence on March 1, 20 20 with lease terms of five years. These undiscounted amounts are not included in the table above. Prior to the adoption of the New Lease Standard, rental commitments on an undiscounted basis were approximately $219,300 at December 31, 2018 under non-cancelable operating leases and were payable as follows: $70,400 in 2019, $55,100 in 2020, $41,300 in 2021, $28,500 in 2022, $15,700 in 2023, and $8,300 thereafter.

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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