Leases

The Company has operating leases for real estate and non-real estate, which are comprised of automobiles, in North America, Europe, and Asia. The Company does not have any finance leases.

The Company has lease arrangements with lease and non-lease components, has elected to account for the lease and non-lease components as a single lease component, and has allocated all of the contract consideration to the lease component only. The Company has existing net leases in which the non-lease components (e.g. common area maintenance, maintenance, consumables, etc.) are paid separately from rent based on actual costs incurred. Therefore, non-lease components are not included in the right-of-use asset and lease liability and are reflected as expenses in the periods incurred.

The Company has existing leases that include variable lease and non-lease components that are not included in the right-of-use asset and lease liability, and are reflected as expenses in the periods incurred. Such payments primarily include common area maintenance charges and increases in rent payments that are driven by factors such as future changes in an index (e.g., the Consumer Price Index).

A right-of-use asset of $65,628, short-term lease liability of $19,459 and long-term lease liability of $49,392 were reflected on the balance sheet as of March 31, 2019.

The elements of lease expense were as follows:


	Three Months Ended March 31, 2019
Lease Cost:
Operating lease cost	$	5,377
Other Information:
Operating cash flows used for operating leases	$	5,711
Weighted average discount rate		3.81	%
Weighted average remaining lease term		4.9 years

Future lease payments under non-cancelable leases as of March 31, 2019 are detailed as follows:


2019 (remaining)	$	16,831
2020		18,608
2021		12,687
2022		7,518
2023		6,315
Thereafter		13,761

Total lease payments		75,720
Less: imputed interest		6,869

Total operating lease liabilities	$	68,851

Minimum lease payments under operating leases prior to adoption of ASU 2016-02 were as follows:


Year Ending December 31,	Operating Leases
2019	$	20,106
2020		17,142
2021		10,325
2022		5,573
2023		4,411
Thereafter		8,739

Total minimum lease payments	$	66,296