Leases

We have entered into various operating lease agreements for automobiles, offices and manufacturing facilities throughout the world. At March 31, 2019, our operating leases had remaining lease terms of up to 42 years.

Lease balances within our consolidated balance sheet were as follows:



(In thousands)	March 31, 2019
Assets:
Operating lease right-of-use assets	$	21,315
Liabilities:
Other accrued liabilities	$	3,762
Long-term operating lease obligations	17,520
Total lease liabilities	$	21,282

Operating lease expense, including short-term and variable lease costs, and operating lease cash flows and supplemental cash flow information were as follows:



(In thousands)	Three months ended March 31, 2019
Cost of sales	$	592
Selling, general and administrative expenses	1,384
Total operating lease expense	$	1,976
Operating cash outflows from operating leases	$	1,767
Operating lease right-of use assets obtained in exchange for lease obligations	$	1,524

Lease terms and discount rates were as follows:



	March 31, 2019
Weighted average lease term (in years)	9.20
Weighed average discount rate	4.78	%

The following table reconciles the undiscounted cash flows for each of the first five years and thereafter to the operating lease liabilities recognized in our consolidated balance sheet at March 31, 2019. The reconciliation excludes short-term leases that are not recorded on the balance sheet.



(In thousands)	March 31, 2019
2019 (remaining 9 months)	$	3,424
2020	5,121
2021	5,276
2022	4,435
2023	2,358
Thereafter	3,394
Total lease payments	24,008
Less: imputed interest	(2,726		)
Total lease liabilities	$	21,282

As of March 31, 2019, we have an operating lease for a facility that has not yet commenced with an initial lease liability of approximately $1.6 million and a five-year term, which is not reflected within the maturity schedule above.