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Leases
6 Months Ended
Jun. 30, 2019
Text Block [Abstract]  
Leases
3)
Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company has various operating leases for real estate and non-real estate items. The non-real estate leases are mainly comprised of automobiles but also include copiers, printers and other lower-valued items. 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 $68,631, short-term lease liability of $20,670 and long-term lease liability of $51,141 were reflected on the balance sheet as of June 30, 2019.
The elements of lease expense were as follows:
                 
 
Three Months Ended
June 30, 2019
 
 
Six Months Ended
 

June 30, 2019
 
Lease Cost:
   
 
 
 
 
 
Operating lease cost
  $
6,004
 
 
$
11,381
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The weighted average discount rate and the weighted average remaining lease term were 
3.8
% and
5.1
years, respectively, for the period ended June 30, 2019. Operating cash flows used for operating leases for the six months ended June 30, 2019 was $
11,515
.
Future lease payments under
non-cancelable
leases as of June 30, 2019 are detailed as follows:
         
 
 
Amount
 
Year Ending December 31,
 
 
 
2019 (remaining)
  $
11,607
 
2020
   
20,951
 
2021
   
13,899
 
2022
   
8,324
 
2023
   
7,061
 
Thereafter
   
17,301
 
         
Total lease payments
 
 
79,143
 
Less: imputed interest
 
 
7,332
  
         
Total operating lease liabilities
  $
71,811
 
         
 
 
 
 
 
 
Minimum lease payments under operating leases prior to adoption of ASU
2016-02
were as follows:
         
 
 
Operating Leases
 
Year Ending December 31,
 
 
 
 
2019
  $
20,106
 
2020
   
17,142
 
2021
   
10,325
 
2022
   
5,573
 
2023
   
4,411
 
Thereafter
   
8,739
 
         
Total minimum lease payments
  $
66,296