M&I Brazil leases offices and facilities in three cities in Brazil that are under operating lease agreements. The leases expire at various dates through January 2022. Our operating leases are included in right-of-use assets, other current liabilities and long-term liabilities in the accompanying Condensed Consolidated Balance Sheet. The assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments based on Brazil’s General Market Price Index rate. Brazil also has multiple short-term equipment leases which are less than twelve months and have no cancellation penalties, therefore they are not recorded in the balance sheet.

Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense is recognized in the period for which the obligation for those payments is incurred and is included in rent expense in the Condensed Consolidated Income Statement.

An initial right-of-use asset of approximately $0.2 million was recognized as a non-cash asset addition with the adoption of the new lease standard. Operating lease costs were approximately $13,000 thousand for the three months ended March 31, 2019. The weighted-average remaining lease term is 2.5 years and the weighted-average discount rate is 6.75%.

Maturities of our operating lease liabilities as of March 31, 2019 are as follows:

2019	$	62,642
2020		70,011
2021		50,917
2022		3,713
Total undiscounted operating lease payments		187,283
Less: imputed interest		(53,598	)
Present value of operating lease liabilities	$	133,685