Leases

The Company has entered into various equipment and property leases with terms of

ten

years or less. Certain lease agreements include renewals and/or purchase options set to expire at various dates, and certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements do

not

contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is a lease at inception. Leases with an initial term of

twelve

months or less are

not

recorded on the balance sheet; costs for these leases are recognized on a straight-line basis over the lease term. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company's leases do

not

provide an implicit rate of return, the Company uses its asset-based lending rate in determining the present value of lease payments. The Company has lease agreements with lease and non-lease components, which are accounted for separately.

Lease cost consists of the following (in thousands):

	Three Months Ended March 31,
	2019
Finance lease cost:
Amortization of right-of-use assets	$	109
Interest on lease liabilities		15
Operating lease cost		425
Short-term lease cost		262
Variable lease cost		40
Total lease cost	$	851

The future maturities of lease liabilities as of

March

31,

2019

are as follows (in thousands):

	Finance Leases			Operating Leases

2019	$	348		$	1,334
2020		375			1,664
2021		258			1,134
2022		237			903
2023		34			752
Thereafter		-			4,338
Total lease payments		1,252			10,125
Amount representing interest		(103	)		(1,839	)
Present value of lease liabilities		1,149			8,286
Current portion of lease liabilities, included in Accrued liabilities		(393	)		(1,426	)
Lease liabilities, less current portion, included in Other long-term liabilities	$	756		$	6,860

The following table summarizes the lease terms and discount rates for the lease liabilities:

	March 31, 2019
Weighted-average remaining lease term (years)
Finance leases		3.28
Operating leases		8.85
Weighted-average discount rate
Finance leases		5.03	%
Operating leases		4.55	%

The following table presents other information related to the operating and finance leases (in thousands):

	Three Months Ended March 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(415	)
Operating cash flows from finance leases		(15	)
Financing cash flows from finance leases		(107	)
Right-of-use assets obtained in exchange for operating lease liabilities		506
Right-of-use assets obtained in exchange for finance lease liabilities		-