Leases

The Company leases certain office spaces, warehouses, facilities, vehicles, and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include renewal options, which can extend the lease term into the future. The Company determines the lease term by assuming options that are reasonably certain of being renewed will be exercised. Certain of the Company’s leases include rental payments adjusted for inflation. The right-of-use lease asset and lease liability are recorded on our Condensed Consolidated Balance Sheet, with the current lease liability being included in Accrued liabilities. Operating lease expense approximated cash paid for leases during the three months ended March 29, 2019.

Quantitative information regarding the Company’s leases is as follows:



	Three Months Ended March 29, 2019
	(In thousands)
Operating lease expense	$	10,721

	As of March 29, 2019
Maturities of lease liabilities is as follows:	(In thousands)
2019	$	37,856
2020	40,834
2021	31,700
2022	23,362
2023	19,232
Thereafter	74,739
Total	227,723
Less: present value discount	(30,116		)
Present value of lease liabilities	$	197,607

Weighted-average remaining lease term (in years):
Operating leases	8.2
Weighted-average discount rate:
Operating leases	3.3		%